Peoria appreciation rates and housing market information

Peoria housing market information

With 112,892 people, 49,042 houses or apartments, and a median cost of homes of $133,522, house prices in Peoria are solidly below the national average.

single-family detached homes are the single most common housing type in Peoria, accounting for 65.61% of the city's housing units. Other types of housing that are prevalent in Peoria include large apartment complexes or high rise apartments (22.65%), duplexes, homes converted to apartments, or other small apartment buildings (8.27%), row houses and other attached homes (2.43%), and a few mobile homes or trailers (1.01%).

People in Peoria primarily live in small (one, two, or no bedroom) single-family detached homes. Peoria has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Peoria's housing was primarily built during this period, from the '40s through the '60s. A full 45.38% of the city's housing hails from this era. Other housing ages represented in Peoria include homes built between 1970-1994 (28.01%), and housing constructed from 1939 and earlier (22.05%). There's also some housing in Peoria built between 1995 and later (4.56%).

Peoria home appreciation rates

Peoria's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Peoria during the period has been just 5.01%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Peoria home appreciation rates, at 1.99%, have been at or slightly above the national average. In the latest quarter, Peoria's appreciation rate has been 1.65%, which annualizes to a rate of 6.60%.

Relative to Illinois, our data show that Peoria's latest annual appreciation rate is higher than 64% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Peoria differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Peoria - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Peoria real estate investment or home purchase decisions.