Peoria Market Report
Welcome to the October 2022 Peoria, Arizona Market Report. Peoria is considered to be in the West Valley and has a population of 194,917. The average home price in the month of October for Peoria was $534,906, down $17,803 from the previous month of September. The average lease price per square foot in Peoria listed on the MLS was $1.24 in October, down from $1.28 in September, showing that rent prices are mostly holding but are slightly declining in the Peoria area.
The total number of Peoria homes sold in October was 197, down 63 sales from 260 in September. This has also been a common theme throughout the valley and is consistent with the time of year.
It took homes in Peoria an average of 50 days to go under contract in October, which is 4 days longer than it took in September, at 46 days. As you can see from the chart, Peoria has stayed relatively consistent from January 2021 through July 2022. August is really when we see the trend shifting upward, as it is a common theme throughout the valley.
Peoria is in line with the rest of the valley and has joined the Buyer’s Market Club. With a $534k average sales price, Peoria, Arizona, is among the least affordable cities in the Phoenix Metro.