Peoria, IL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Peoria, IL, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index covers single-family homes and condominiums. The HPI value for a particular geographic area is a weighted average of transaction prices for properties located within that area.

The HPI is published monthly and quarterly, and annual values are available back to 1975. The most recent data point is for the fourth quarter of 2019.

As of the fourth quarter of 2019, the FHFA HPI for Peoria was 176.766, up 0.8 percent from the third quarter and up 3 percent from a year earlier.

In general, home equity refers to the portion of your home that you own outright—that is, the part that isn’t covered by your mortgage or other loans secured by your home. Home prices are determined by many factors including location, amenities, school districts, availability of financing and overall market conditions.

Peoria home prices have been on an upward trend since bottoming out in 2011 following the housing market crash and Great Recession. However, price growth has moderated in recent years as affordability has become more of a challenge for buyers in this Midwestern city located about 150 miles southwest of Chicago.

The median sale price for a home in Peoria was $144,000 in 2019 according to Realtor.com data—up 4 percent from 2018 but still below the pre-recession peak of $149,900 reached in 2006\. Meanwhile, the city’s population has continued to decline slowly since peaking at just over 111 thousand residents back in 1990\.

Despite these challenges facing Peoria’s housing market today—including affordability constraints and population loss—home values have remained relatively stable thanks in large part to the strong performance of its economy relative to other parts of Illinois as well as neighboring states like Iowa and Missouri\. In fact, Peoria’s unemployment rate was just 3\.7 percent as of December 2019 \- below both state (4\.3 percent) and national (3\.9 percent) averages - while its job growth rate ranked among the top 10 metro areas nationwide over the past year \[according to data from Moody’s Analytics\].