Is O'Fallon, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing O'Fallon is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, O'Fallon has remained a Seller's Market.

Key Takeaway

O'Fallon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$15,116(+5.0%)

Key Takeaway

Homes in O'Fallon have sold for 5% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $69.5K$92K
+32.4%
2 $129.2K$135K
+4.5%
3 $212K$245K
+15.6%
4 $340K$365K
+7.4%
5+ $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
+16.7%
Caseyville Township
+12.7%
O Fallon
+6.6%
O'Fallon
+5.0%
O'Fallon Township
+1.4%

Housing Supply in O'Fallon, IL

How many homes are available in O'Fallon, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
152162+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

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1115
+36.4%
3 5459
+9.3%
4 6458
-9.4%
5+ 2330
+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 2024May 2024CHANGE
3940+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in O'Fallon, you could pay more than the asking price. 57.5% of homes here sold above asking price last month.

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 2023May 2024CHANGE
49 Days44 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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