Momence, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Momence, IL Housing Market Trends

With a population of 3,094, 1,008 total housing units (homes and apartments), and a median house value of $155,942, house prices in Momence are solidly below the national average.

Single-family detached homes are the single most common housing type in Momence, accounting for 73.47% of the city's housing units. Other types of housing that are prevalent in Momence include duplexes, homes converted to apartments or other small apartment buildings ( 19.65%), large apartment complexes or high rise apartments ( 5.96%).

The most prevalent building size and type in Momence are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.19% owning and 36.81% renting.

The housing in Momence was primarily built before 1939 ( 45.17%), making the housing stock in Momence some of the oldest overall in America, although there is a range of ages of homes in Momence. The next most important housing age is between 1940-1969 ( 28.97%), followed by between 1970-1999 ( 17.97%). There's also some housing in Momence built between 2000 and later ( 7.89%).

Vacant housing appears to be an issue in Momence. Fully 15.37% of the housing stock is classified as vacant. Left unchecked, vacant Momence homes and apartments can be a drag on the real estate market, holding Momence real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Momence Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Momence, where house values have increased just 14.52%, which is annualized rate of 1.36%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Momence appreciation rates have trailed the rest of the nation. In the last twelve months, Momence's appreciation rate has been 6.17%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Momence were at 3.92%, which equates to an annual appreciation rate of 16.63%.

Importantly, this makes Momence one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Illinois, our data show that Momence's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$155,942

Momence, IL HOME PRICES

> $1,143,000
0.2%
0.2%
$857,001 - $1,143,000
1.2%
1.2%
$571,001 - $857,000
1.2%
1.2%
$457,001 - $571,000
1.6%
1.6%
$343,001 - $457,000
3.7%
3.7%
$229,001 - $343,000
16.4%
16.4%
$114,001 - $229,000
51.1%
51.1%
$57,001 - $114,000
16.3%
16.3%
$0 - $57,000
8.4%
8.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for IL

Value Relative To Nation

Number Of Homes And Apartments:
1,008

Momence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
32.66% 1.32%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,174 / per month

Homeownership Rate

Owners
63.2%
63.2%
Renters
36.8%
36.8%
Vacant
15.4%
15.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.9%
7.9%
1970 - 1999
18.0%
18.0%
1940 - 1969
29.0%
29.0%
1939 or Older
45.2%
45.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
73.5%
73.5%
Townhomes
0.3%
0.3%
Small Apt. Buildings
19.6%
19.6%
Apt. Complexes
6.0%
6.0%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
12.7%
12.7%
2 Bedrooms
29.8%
29.8%
3 Bedrooms
43.7%
43.7%
4 Bedrooms
10.7%
10.7%
5 or more bedrooms
3.0%
3.0%
0.0% 100.0%
% OF HOMES