menu
Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Peoria, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Peoria, IL Housing Market Trends

With 111,021 people, 47,734 houses or apartments, and a median cost of homes of $161,603, 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 64.82% of the city's housing units. Other types of housing that are prevalent in Peoria include large apartment complexes or high rise apartments ( 24.26%), duplexes, homes converted to apartments or other small apartment buildings ( 6.87%), and a few row houses and other attached homes ( 3.60%).

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 33.23% of the city's housing hails from this era. Other housing ages represented in Peoria include homes built between 1970-1999 ( 27.91%) and housing constructed before 1939 ( 23.86%). There's also some housing in Peoria built between 2000 and later ( 15.00%).

Vacant housing appears to be an issue in Peoria. Fully 12.53% of the housing stock is classified as vacant. Left unchecked, vacant Peoria homes and apartments can be a drag on the real estate market, holding Peoria real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Peoria Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Peoria, where house values have increased just 31.29%, which is annualized rate of 2.76%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Peoria that despite a nationwide downturn in the housing market, Peoria real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Peoria appreciation rates continue to be some of the highest in America, at 8.77%, which is higher than appreciation rates in 92.01% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Peoria. Peoria appreciation rates in the latest quarter were at 3.27%, which equates to an annual appreciation rate of 13.75%.

Relative to Illinois, our data show that Peoria's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Peoria real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$161,603

Peoria, IL Home Prices
> $1,301,000
$975,001 - $1,301,000
$650,001 - $975,000
$520,001 - $650,000
$390,001 - $520,000
$260,001 - $390,000
$130,001 - $260,000
$65,001 - $130,000
$0 - $65,000
0.2%
0.2%
0.4%
0.4%
2.1%
2.1%
1.8%
1.8%
5.5%
5.5%
13.5%
13.5%
36.6%
36.6%
23.5%
23.5%
16.4%
16.4%
0% 100.0%
% of Homes
Low

for Illinois

Low

for nation

Number of Homes And Apartments:

47,734

Peoria Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,323 / per month

Homeownership Rate

Owners
Renters
Vacant
55.1%
55.1%
44.9%
44.9%
12.5%
12.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.0%
15.0%
27.9%
27.9%
33.2%
33.2%
23.9%
23.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
64.8%
64.8%
3.6%
3.6%
6.9%
6.9%
24.3%
24.3%
0.5%
0.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.6%
3.6%
14.0%
14.0%
31.4%
31.4%
30.3%
30.3%
15.8%
15.8%
4.9%
4.9%
0% 100.0%
% of Homes