Is Monmouth, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Monmouth is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Monmouth was a Buyer's Market.

Key Takeaway

Monmouth is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Monmouth, IL

How much do homes in Monmouth, IL cost?

Median Sold Price

$105,000

$66/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$17,750(+20.3%)

Key Takeaway

Homes in Monmouth have sold for 20.3% more than they did a year ago.

Summary: The median home sold price in Monmouth was $105,000 in October 2024, up 20.3% from last year, and the median price per square foot was $66.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $24.9K$125K
+402.0%
2 $59.2K$77.5K
+30.8%
3 $91.5K$85K
-7.1%
4 $108.5K$136.5K
+25.8%
5+ $420K$227.4K
-45.8%

Summary: Monmouth housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 402%, 2 bedroom homes increased by 30.8%, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 25.8%, and 5+ bedroom homes decreased by 45.8%.

Median Sold Price Compared To Nearby Cities

Monmouth
+20.3%
Monmouth Township
+20.3%

Housing Supply in Monmouth, IL

How many homes are available in Monmouth, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1614-12.5%

Summary: The Monmouth real estate market had 14 homes for sale in October 2024, a 12.5% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 65
-16.7%
3 55
0.0%
4 33
0.0%
5+ 10
-100.0%

Summary: The Monmouth housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
42-50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Monmouth, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Monmouth in October 2024, down by 50.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for Monmouth, IL

How long does it take to sell a home in Monmouth, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
2 Days9 Days+350.0%

Summary: Homes in Monmouth had an average of 9 days on market in Oct 2024, up by 350% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Monmouth are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 2 homes were sold in Monmouth; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

Newest Listings in Monmouth, IL

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