Is Richwoods Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richwoods Township is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Richwoods Township has remained a Seller's Market.

Key Takeaway

Richwoods Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Richwoods Township, IL

How much do homes in Richwoods Township, IL cost?

Median Sold Price

$115,000

$105/sqft

Based on all homes sold in the last 12 months.

The Median Sold Price hasn't changed since October 2023.

Key Takeaway

The sold price of homes in Richwoods Township has remained the same since last year.

Summary: The median home sold price in Richwoods Township was $115,000 in October 2024, the same as last year, and the median price per square foot was $105.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $76.5K$55.1K
-28.0%
2 $92.5K$94.9K
+2.6%
3 $124.5K$119.9K
-3.7%
4 $157K$189.9K
+21.0%
5+ $177K$770K
+335.0%

Summary: Richwoods Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 28%, 2 bedroom homes increased by 2.6%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes increased by 21%, and 5+ bedroom homes increased by 335%.

Median Sold Price Compared To Nearby Cities

Peoria City Township
+7.0%
Peoria
+4.7%
Richwoods Township
0.0%
Peoria Heights
0%
Peoria Heights
-2.5%

Housing Supply in Richwoods Township, IL

How many homes are available in Richwoods Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3224-25.0%

Summary: The Richwoods Township real estate market had 24 homes for sale in October 2024, a 25.0% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1413
-7.1%
3 139
-30.8%
4 20
-100.0%
5+ 32
-33.3%

Summary: The Richwoods Township 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 7.1%, 3 bedroom homes decreased by 30.8%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
118-27.3%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richwoods Township, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Richwoods Township in October 2024, down by 27.3% month-over-month. Of the 8 sold homes, 63% were sold under asking, 13% were sold at asking, and 25% were sold over asking.

Days on Market for Richwoods Township, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
1 Day42 Days+4100.0%

Summary: Homes in Richwoods Township had an average of 42 days on market in Oct 2024, up by 4100% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 8 homes were sold in Richwoods Township; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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 8 Days Ago

Newest Listings in Richwoods Township, IL

Nearby Markets to Richwoods Township, IL

What housing markets are near Richwoods Township, IL?