Is O'Fallon, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, O'Fallon has remained a Seller's Market.
Housing Prices in O'Fallon, IL
How much do homes in O'Fallon, IL cost?
Median Sold Price
$315,000
$132/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in O'Fallon was $315,000 in May 2024, up 5% from last year, and the median price per square foot was $132.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $69.5K | $92K | +32.4% |
2 Bedrooms | $129.2K | $135K | +4.5% |
3 Bedrooms | $212K | $245K | +15.6% |
4 Bedrooms | $340K | $365K | +7.4% |
5+ Bedrooms | $440K | $470K | +6.8% |
Summary: O'Fallon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.4%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 15.6%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 6.8%.
Median Sold Price Compared To Nearby Cities
Shiloh | $300K | $350K | +16.7% |
Caseyville Township | $220K | $248K | +12.7% |
O Fallon | $300K | $319.9K | +6.6% |
O'Fallon | $299.8K | $315K | +5.0% |
O'Fallon Township | $295K | $299K | +1.4% |
Housing Supply in O'Fallon, IL
How many homes are available in O'Fallon, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
152 | 162 | +6.6% |
Summary: The O'Fallon real estate market had 162 homes for sale in May 2024, a 6.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 11 | 15 | +36.4% |
3 Bedrooms | 54 | 59 | +9.3% |
4 Bedrooms | 64 | 58 | -9.4% |
5+ Bedrooms | 23 | 30 | +30.4% |
Summary: The O'Fallon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 36.4%, 3 bedroom homes increased by 9.3%, 4 bedroom homes decreased by 9.4%, and 5+ bedroom homes increased by 30.4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
39 | 40 | +2.6% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in O'Fallon in May 2024, up by 2.6% month-over-month. Of the 40 sold homes, 18% were sold under asking, 25% were sold at asking, and 57% were sold over asking.
Days on Market for O'Fallon, IL
How long does it take to sell a home in O'Fallon, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
49 Days | 44 Days | -8.6% |
Summary: Homes in O'Fallon had an average of 44 days on market in May 2024, down by 8.6% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 40 homes were sold in O'Fallon; 50% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.