Peoria housing market sparks bidding wars for homes in seller’s market

PEORIA – Bidding wars have become common in the central Illinois housing scene as  buyers vie for a shrinking inventory of available houses, according to local realtors.

“I know of two agents that got into bidding wars for their clients, where they offered $35,000 more than the asking price and still did not get the house,” Peoria realtor Linda Kepple said.

There were 963 homes for sale in the Peoria area during the first quarter of 2021, 58% fewer than during the same period last year, according to the Peoria Area Association of Realtors. 

Realtor Mark Monge attributed the lower amount of homes to the fact that a lot of people moved in 2017-18 after a glut of homes went on the market when the Caterpillar corporate headquarters moved out of Peoria.

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