61462, Monmouth, IL

The Monmouth, IL 61462 zip code has a median home value of $128,000. This is significantly lower than the Illinois median home value of $217,500. The Monmouth area has seen a decrease in home values over the past few years. In 2015, the median home value was $134,000 and in 2016 it was $127,000.

There are several factors that could be contributing to this decrease in home values. One reason could be that the area is experiencing a shortage of homes for sale. Another reason could be that interest rates are low and people are choosing to buy instead of rent. There is no one answer to this question and it will likely vary depending on the individual market conditions in each zip code.

Despite these decreases in home values, there are still some homeowners who have benefited from these trends. Home equity can be used as a form of collateral for loans or to invest in other assets such as stocks or bonds. Additionally, homeowners who have maintained their homes over time may see their property's worth increase over time due to increased demand from buyers or decreased supply due to gentrification or redevelopment projects in the area.