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 April 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

$310,211

$133/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$13,494(+4.5%)

Key Takeaway

Homes in O'Fallon have sold for 4.5% more than they did a year ago.

Summary: The median home sold price in O'Fallon was $310,211 in April 2024, up 4.5% from last year, and the median price per square foot was $133.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $67.2K$92K
+36.8%
2 $126.7K$135K
+6.5%
3 $212K$244.9K
+15.5%
4 $330K$350K
+6.1%
5+ $435K$462.5K
+6.3%

Summary: O'Fallon housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 36.8%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 15.5%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 6.3%.

Median Sold Price Compared To Nearby Cities

Shiloh
+16.7%
Caseyville Township
+14.3%
O Fallon
+5.2%
O'Fallon
+4.5%
O'Fallon Township
0.1%

Housing Supply in O'Fallon, IL

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

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
138157+13.8%

Summary: The O'Fallon real estate market had 157 homes for sale in April 2024, a 13.8% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 10
-100.0%
2 1313
0.0%
3 5256
+7.7%
4 5664
+14.3%
5+ 1624
+50.0%

Summary: The O'Fallon housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
4937-24.5%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

18 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. 48.6% of homes here sold above asking price last month.

Summary: A total of 37 homes were sold or pending in O'Fallon in April 2024, down by 24.5% month-over-month. Of the 37 sold homes, 38% were sold under asking, 14% were sold at asking, and 49% 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

Apr 2023Apr 2024CHANGE
27 Days39 Days+41.7%

Summary: Homes in O'Fallon had an average of 39 days on market in Apr 2024, up by 41.7% compared to last year.

Breakdown of Home Sale Times

17 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 April 2024, 37 homes were sold in O'Fallon; 46% of homes were sold within 30 days, 46% 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 4 Days Ago

Newest Listings in O'Fallon, IL

Nearby Markets to O'Fallon, IL

What housing markets are near O'Fallon, IL?