Sometimes you need to dig deeper to see the details, and Peoria is a perfect case in point.
Last month we saw that prices have been rising in Peoria, although the trend was flattening out. (see Peoria prices are up, and flat.)
When we dig a little further and look at the various zip codes, the trend becomes even more clear:
The lower-priced zip code (85345) has continued to increase.
The medium-priced zip code (85382) is up a meager 1% YoY.
The highest-priced zip code (85383) is actually down a few dollars compared with last year.
Note - zip code 85381 was not included in this chart, as there aren’t enough sales to get an accurate representation from a single month’s median price.
This matches some of the overall trends we’ve been seeing in recent months, where some cities have continued to appreciate, while others (including the luxury market) have shown some signs of the appreciation trends weakening.
It might be time to start paying attention to these trends on a neighborhood basis, and advise your clients accordingly…
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.