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Peoria realtors seek supply after record-breaking year

Published: Jan. 18, 2022 at 6:16 PM CST
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PEORIA (Heart of Illinois ABC) - Peoria home sales broke a notable record in 2021: over $1 billion. But realtors are on edge about how many homes they’ll have left to sell in 2022.

Over 7,600 homes were sold last year, surpassing 2020′s totals by nearly a thousand. Ryan Cannon — the president of the Peoria Area Association of Realtors, or PAAR — says it’s because there’s a lot to love about the River City.

“The Central Illinois/Peoria region has so much to offer so many different people,” Cannon says. “There’s so much to love about our community that I think that living here sometimes we forget about. But working in our line of work, you really do get to constantly see people happy with what Peoria has to offer, it’s really refreshing.”

But strong sales mean low supply. The average home was on the market for just about a month and a half in 2021. That could mean a challenge keeping up with the pace with the new year now underway.

“We just basically need more houses to sell,” says Cannon. “If you have a house to sell, reach out to your realtor, make a plan, and get it on the market, because there (are) people who actively are looking every single day.”

Cannon adds that same trend is repeating across Illinois. According to PAAR, the number of days a home was on the market went down 37% statewide last year compared to 2020.

PAAR assumes the title of the “Voice of Real Estate” for the Greater Peoria region. Over 800 members are involved in a wide variety of facets across the retail industry, with those involved working to advocate for the rights of property owners.

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