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Is Peoria, IL 61602 a buyer’s or seller’s market?

Balanced 3 months ending August 31, 2026 · Source: Redfin

Peoria is a balanced market. With about 4.8 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.

Months of supply4.8Under 4 months = seller’s market
Sold above original list0%Share of sales, last 3 months
Median sale-to-list95.9%Sold price ÷ list price
Median days on market150Listing to accepted offer
Median price per sq ft$103▲ +23.4% vs. last year

The Peoria housing market right now

In the three months ending August 31, 2026, 0% of homes in Peoria, IL 61602 sold above their list price, the typical home went under contract in 150 days and there were 4.8 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 12 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold more slowly (81 days then) and the median sale price rose 114% to $159,931. Overall, Peoria is less competitive than a year ago, which gives buyers more room.

Within Peoria County, homes here sell more slowly, and less often over asking, than in any other ZIP code in the county.

Nearby, Dunlap 61525 (56% sold over asking) and Edwards 61528 (47% sold over asking) are even more competitive.

Run the numbers for 61602

Prefilled for 61602Can I win this house?Multiple-offer likelihood for a listing Prefilled for 61602Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Brimfield 61517Seller’s market $138 /sq ftChillicothe 61523Seller’s market $125 /sq ftDunlap 61525Seller’s market $148 /sq ftEdelstein 61526Seller’s market $117 /sq ft Browse all markets →

Towns like Peoria nearby

Find towns like Peoria in other states →
Peoria, IL61606 · 1 miles away24% similarcheaper homes ($88K less) · larger Bloomington, IL61701 · 35 miles away9% similarcheaper homes ($87K less) · larger Peoria, IL61614 · 5 miles away6% similarhigher income ($33K more) · cheaper homes ($59K less) Peoria, IL61603 · 1 miles away5% similarcheaper homes ($154K less) · larger

Where Peoria is

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Questions about Peoria real estate

Is Peoria a buyer’s or seller’s market?

A balanced market: there were 4.8 months of supply in Peoria, IL 61602 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.

How fast do homes sell in Peoria?

The typical home went under contract in 150 days in the latest three months.

Do homes in Peoria sell over asking?

0% of homes sold above their original list price, and the typical sale closed at 95.9% of the list price.

What are property taxes in Peoria?

About 2.24% of a home’s value a year in Peoria County, or roughly $8,960 on a $400,000 home.

What is the median home price in Peoria?

The median sale price was $159,931 in the three months ending August 31, 2026, about $103 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology