Is Oakland, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oakland is a buyer's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

Oakland is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Oakland, IL

How much do homes in Oakland, IL cost?

Median Sold Price

$336,000

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$15,000(+4.7%)

Key Takeaway

Homes in Oakland have sold for 4.7% more than they did a year ago.

Summary: The median home sold price in Oakland was $336,000 in November 2024, up 4.7% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $302.5K$191.4K
-36.7%
2 $225K$219.6K
-2.4%
3 $329.5K$385K
+16.8%
4 $405K$567.5K
+40.1%
5+ $458.4K$550K
+20.0%

Summary: Oakland housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 36.7%, 2 bedroom homes decreased by 2.4%, 3 bedroom homes increased by 16.8%, 4 bedroom homes increased by 40.1%, and 5+ bedroom homes increased by 20%.

Median Sold Price Compared To Nearby Neighborhoods

South Side
+5.5%
Oakland
+4.7%
Kenwood
+3.2%
Douglas
-14.0%
North Kenwood
-15.8%

Housing Supply in Oakland, IL

How many homes are available in Oakland, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2118-14.3%

Summary: The Oakland real estate market had 18 homes for sale in November 2024, a 14.3% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 75
-28.6%
3 98
-11.1%
4 11
0.0%
5+ 33
0.0%

Summary: The Oakland housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 28.6%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
42-50.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

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

Summary: A total of 2 homes were sold or pending in Oakland in November 2024, down by 50.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for Oakland, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
94 Days70 Days-25.5%

Summary: Homes in Oakland had an average of 70 days on market in Nov 2024, down by 25.5% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 2 homes were sold in Oakland; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% 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 21 Days Ago

Newest Listings in Oakland, IL

Nearby Markets to Oakland, IL