Affordability continues to be a major draw for interested Peoria home buyers, according to a recent data released by the Illinois Association of REALTORS.

The organization found that about 70 percent of homes sold during the first quarter of 2011 were under $200,000, making for attractive deals for interested home buyers.

During the first quarter of 2011, a total of 18,940 homes sold.  This is a decrease of about 11.2 percent from the 21,320 homes that sold in first quarter of 2010.

However, the number is also up a whopping 24 percent from the same period in 2009, suggesting that the housing market is recovering.

Continue reading to learn more about the current state of the Peoria Illinois housing market and what it means for interested Peoria home buyers.

Peoria Homes for Sale

The Illinois Association of REALTORS also recently released information on area home sales prices.  Here’s what they found:

  • The median home sale price during the first quarter of 2011 was $131,175, which is down 8.9 percent from the first quarter of 2010.  During the first quarter of 2010, the median sales price was $144,000.
  • The interest rate for 30-year, fixed rate mortgages averaged 4.89 percent in the North Central area during the first quarter of 2011.  This is an increase of about 4.44 percent from the last quarter of 2010.  It’s also a decrease of about 5.03 percent when compared to the first quarter of 2011.
  • 46 of 99 Illinois counties showed year-over-year median home price increases (or no change at all) for the first quarter of 2011. These counties included Knox County (up 25 percent) and Peoria County (up 0.5 percent)

Relocating to Peoria Illinois

Affordability might be what attracts interested Peoria home buyers to the area, but it’s our fantastic school systems, friendly neighbors and wonderful quality of life that encourages people to stay.

If you’re thinking about relocating to the Peoria Illinois area, then contact me, Mary Ann Knell.

As your Peoria real estate expert, I’ll provide you with an array of exclusive Peoria relocation resources, including:

Contact me, Mary Ann Knell, today to start searching for your dream Peoria home for sale!

Until next time,

Mary Ann