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 4 Days Ago

Newest Listings in Monmouth, IL

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