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 neutral's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Otto Township was a Seller's Market.

Key Takeaway

Otto Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Otto Township, IL

How much do homes in Otto Township, IL cost?

Median Sold Price

$195,000

$141/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$26,000(-11.8%)

Key Takeaway

Homes in Otto Township have sold for 11.8% less than they did a year ago.

Summary: The median home sold price in Otto Township was $195,000 in March 2024, down 11.8% from last year, and the median price per square foot was $141.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $203.5K$152.5K
-25.1%
3 $208K$225.7K
+8.5%
4 $239K$190K
-20.5%
5+ -$650K
N/A

Summary: Otto Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 25.1%, 3 bedroom homes increased by 8.5%, 4 bedroom homes decreased by 20.5%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Kankakee
+33.0%
Otto Township
-11.8%

Housing Supply in Otto Township, IL

How many homes are available in Otto Township, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
770.0%

Summary: The Otto Township real estate market had 7 homes for sale in March 2024, the same as February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 11
0.0%
3 34
+33.3%
4 32
-33.3%
5+ 00
0.0%

Summary: The Otto Township 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 remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
110.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Otto Township, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 1 homes were sold or pending in Otto Township in March 2024, the same as the previous month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% 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

Mar 2023Mar 2024CHANGE
12 Days4 Days-66.7%

Summary: Homes in Otto Township had an average of 4 days on market in Mar 2024, down by 66.7% compared to last year.

Breakdown of Home Sale Times

1 Home Was 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 March 2024, 1 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 24 Days Ago

Newest Listings in Otto Township, IL

Nearby Markets to Otto Township, IL

What housing markets are near Otto Township, IL?