Here we are at the brink of the most active season in the real estate market: Springtime. As the days grow longer and the sun wakes up the world around us with its warmth, the real estate market warms up as well.
Today, I want to highlight our local communities and how their housing markets will differ from each other this spring season. We will be looking specifically at Peoria, Bloomington-Normal, and Morton in our overview today.
Peoria: Peoria stands out in our local area as the best market for value and affordability. In fact, for its size, Peoria has been recognized as offering some of the most reasonable housing in the nation! The median price point in Peoria is $120,000-$140,000, which is significantly lower than housing in surrounding areas. It is a fast-moving market, with a median of just 16 days to pending. And being such an amazing city with lots of charm and unique characteristics to offer, the affordability factor has made it a popular choice, especially for first time home buyers.
Bloomington-Normal: The Bloomington-Normal market is hot – and this spring looks like it will only continue to prove as exceptionally competitive. One of the biggest driving forces for such a competitive market is the lack of inventory, which has created high demand and rapid sales. And with manufacturing expansion (Rivian, specifically) and a local university presence, the housing demand is here to stay. Although these factors continue to drive home prices upwards, pricing in Bloomington-Normal is still considered affordable when compared with national averages.
Morton: The Morton market is established as a strong seller’s market, due to low inventory and pricing on the rise. With quality schools and a robust job market, Morton is seen as a highly desirable suburban community to plant your roots. If you are a buyer looking to move into Morton this spring, you can expect bidding wars and steep competition, with homes normally selling around the asking price. Now may be a great time to buy the home of your dreams in Morton though, as pricing is projected to only continue to grow over the next several years.
As a team, we are excited and ready to hit the ground running as Spring blooms around us. The housing market in central Illinois is strong and highly competitive, making it an exciting time to be “unlocking new doors: alongside of our clients. We look forward to working with you in the months ahead!
Leave a Reply