These 3 Illinois housing markets are ranked among the 30 hottest in the US

PEORIA – Peoria is among the 30 hottest housing markets in the U.S., according to 24/7 Wall St.

Rising interest rates and low inventory have slowed home sales through much of the U.S., but relatively affordable home prices have helped keep the housing market in Peoria and a number of other Midwestern communities relatively hot.

In 15th place, Peoria beat Springfield in the 25th slot, but lost to Rockford, which took fourth place in the ranking.

Communities were ranked according to how long homes are on the market and several other measures of supply and demand using data from December 2023.

The cost of homes was a major factor. For all but six metro areas on the list, homes were below the national median of $410,000. In Springfield, the median home price was $168,950; in Peoria it was $149,900; and in Rockford it was $199,900.

Also noted was how long homes spend on the market. In Peoria, the average time homes were on the market was 48 days. In Springfield, the average time was 49 days, while Rockford homes were on the market for 40 days.