2015 was a good year for home sales in the Peoria area, right up until Caterpillar announced significant layoffs. Fourth quarter sales dropped noticeably.
Still, the president of the Peoria Area Association of Realtors, Becky Peterson, says the nearly 55-Hundred homes sold last year was the most since 2007.
Prices were steady at a median of $120,000. Peterson says despite those stable numbers coupled with modest inflation, houses are still investments for many.
"If I'm looking at the future that they're sayin that they're goin up 5% but yet I can still get a house for 120, and in a year it's gonna be worth 126, that's a good sign."
Peterson says she expects demand to remain stable as the millenial generation of home buyers enters the market. She says rental rates are still rising, making purchases attractive at a time interest rates remain around 4%.
