Is Elmwood, IL 61529 a buyer’s or seller’s market?
Elmwood is a seller’s market. With about 0.5 months of supply and 43% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Elmwood housing market right now
In the three months ending August 31, 2026, 43% of homes in Elmwood, IL 61529 sold above their list price, the typical home went under contract in 1 day and there were 0.5 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 7 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking fell from 50%, homes sold faster (6 days then) and the median sale price rose 16% to $171,926. Overall, Elmwood is less competitive than a year ago, which gives buyers more room.
Within Peoria County, homes here sell faster than in any other ZIP code in the county, and sell more often over asking than in 75%.
Nearby, buyers who want less competition could look at Peoria 61602 (0% sold over asking) or Trivoli 61569 (0% sold over asking), while Dunlap 61525 (56% sold over asking) and Edwards 61528 (47% sold over asking) are even more competitive.
Run the numbers for 61529
Nearby markets
Brimfield 61517Seller’s market $138 /sq ftChillicothe 61523Seller’s market $125 /sq ftDunlap 61525Seller’s market $148 /sq ftEdelstein 61526Seller’s market $117 /sq ft Browse all markets →Towns like Elmwood nearby
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Questions about Elmwood real estate
Is Elmwood a buyer’s or seller’s market?
A seller’s market: there were 0.5 months of supply in Elmwood, IL 61529 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Elmwood?
The typical home went under contract in 1 days in the latest three months.
Do homes in Elmwood sell over asking?
43% of homes sold above their original list price, and the typical sale closed at 99.7% of the list price.
What are property taxes in Elmwood?
About 2.24% of a home’s value a year in Peoria County, or roughly $8,960 on a $400,000 home.
What is the median home price in Elmwood?
The median sale price was $171,926 in the three months ending August 31, 2026, about $111 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology