Is Otto Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Otto Township is a seller's market

Buyer's
Market

Difference Since June 2023

Since last year, Otto Township has remained a Seller's Market.

Key Takeaway

Otto Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Otto Township, IL

How much do homes in Otto Township, IL cost?

Median Sold Price

$225,000

$144/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$17,000(+8.2%)

Key Takeaway

Homes in Otto Township have sold for 8.2% more than they did a year ago.

Summary: The median home sold price in Otto Township was $225,000 in June 2024, up 8.2% from last year, and the median price per square foot was $144.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 --
N/A
2 $168.7K$166K
-1.6%
3 $208K$274.9K
+32.2%
4 $230K$222.5K
-3.3%
5+ -$650K
N/A

Summary: Otto Township housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.6%, 3 bedroom homes increased by 32.2%, 4 bedroom homes decreased by 3.3%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Kankakee
+22.3%
Otto Township
+8.2%

Housing Supply in Otto Township, IL

How many homes are available in Otto Township, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
67+16.7%

Summary: The Otto Township real estate market had 7 homes for sale in June 2024, a 16.7% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 00
0.0%
2 11
0.0%
3 33
0.0%
4 23
+50.0%
5+ 00
0.0%

Summary: The Otto Township housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

May 2024Jun 2024CHANGE
12+100.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Otto Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Otto Township in June 2024, up by 100.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Otto Township, IL

How long does it take to sell a home in Otto Township, IL?

Average Sale Time

Jun 2023Jun 2024CHANGE
4 Days16 Days+312.5%

Summary: Homes in Otto Township had an average of 16 days on market in Jun 2024, up by 312.5% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During June 2024, 2 homes were sold in Otto Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 20 Days Ago

Newest Listings in Otto Township, IL

Nearby Markets to Otto Township, IL

What housing markets are near Otto Township, IL?