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 March 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

$315,333

$134/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$14,533(+4.8%)

Key Takeaway

Homes in O Fallon have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in O Fallon was $315,333 in March 2024, up 4.8% from last year, and the median price per square foot was $134.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $67.2K$92K
+36.8%
2 $125K$135K
+8.0%
3 $220K$245K
+11.4%
4 $332.5K$365K
+9.8%
5+ $442.5K$465.4K
+5.2%

Summary: O Fallon housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 36.8%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 5.2%.

Median Sold Price Compared To Nearby Cities

Caseyville Township
+15.9%
Shiloh
+15.2%
O Fallon
+4.8%
O'Fallon
+3.7%
O'Fallon Township
+1.6%

Housing Supply in O Fallon, IL

How many homes are available in O Fallon, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
118147+24.6%

Summary: The O Fallon real estate market had 147 homes for sale in March 2024, a 24.6% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 11
0.0%
2 1513
-13.3%
3 4554
+20.0%
4 4561
+35.6%
5+ 1218
+50.0%

Summary: The O Fallon housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 13.3%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 35.6%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
2351+121.7%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

12 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. 45.1% of homes here sold above asking price last month.

Summary: A total of 51 homes were sold or pending in O Fallon in March 2024, up by 121.7% month-over-month. Of the 51 sold homes, 31% were sold under asking, 24% were sold at asking, and 45% 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

Mar 2023Mar 2024CHANGE
46 Days39 Days-16.0%

Summary: Homes in O Fallon had an average of 39 days on market in Mar 2024, down by 16% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

20 Homes Were Sold
In 30 - 90 Days

6 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 March 2024, 51 homes were sold in O Fallon; 47% of homes were sold within 30 days, 39% of homes were sold within 30 to 90 days, and 12% 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 25 Days Ago

Newest Listings in O Fallon, IL

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