Home sales down in 2022, market projected to stabilize in 2023

A "For Sale" sign outside a home in Peoria.
A "For Sale" sign outside a home in Peoria.(WEEK)
Published: Jan. 28, 2023 at 12:49 PM CST
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PEORIA (25 News Now) - In 2022, home sales were down nearly 16%. According to the Peoria Area Association of Realtors (PAAR), the market is expected to stabilize in 2023. Houses have been selling quickly and not staying on the market for long.

Robin Simpson, PAAR President claims that this is a great time for sellers to list their home.

Simpson says, “They are getting a better price than they were, but there are still some really good opportunities for buyers. With the milder winter that we have had, we have seen buyers out looking for homes and buying them as they come on. It’s not necessarily that things aren’t selling – they are just selling quickly.”

She also added that home prices have increased 8% in the Peoria area, and she advises buyers to find a good fit and consult a realtor to navigate the transaction to get the best results.