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 October 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

$310,166

$132/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$166(+0.1%)

Key Takeaway

The sold price of homes in O'Fallon has remained the same since last year.

Summary: The median home sold price in O'Fallon was $310,166 in October 2024, up 0.1% from last year, and the median price per square foot was $132.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $62.6K$92K
+46.8%
2 $128.5K$135K
+5.1%
3 $227.5K$239.9K
+5.5%
4 $352.5K$360K
+2.1%
5+ $440.8K$470K
+6.6%

Summary: O'Fallon housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 46.8%, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 6.6%.

Median Sold Price Compared To Nearby Cities

Caseyville Township
+9.3%
Shiloh
+8.0%
O Fallon
+1.0%
O'Fallon Township
+0.8%
O'Fallon
0.1%

Housing Supply in O'Fallon, IL

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

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1191190.0%

Summary: The O'Fallon real estate market had 119 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 1215
+25.0%
3 4443
-2.3%
4 4653
+15.2%
5+ 157
-53.3%

Summary: The O'Fallon housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes decreased by 53.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3034+13.3%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

17 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. 50% of homes here sold above asking price last month.

Summary: A total of 34 homes were sold or pending in O'Fallon in October 2024, up by 13.3% month-over-month. Of the 34 sold homes, 44% were sold under asking, 6% were sold at asking, and 50% 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

Oct 2023Oct 2024CHANGE
40 Days39 Days-3.2%

Summary: Homes in O'Fallon had an average of 39 days on market in Oct 2024, down by 3.2% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

16 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in O'Fallon has remained consistent over time.

Summary: During October 2024, 34 homes were sold in O'Fallon; 44% of homes were sold within 30 days, 47% of homes were sold within 30 to 90 days, and 9% 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 17 Days Ago

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Newest Listings in O'Fallon, IL

Nearby Markets to O'Fallon, IL

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MLS Disclaimers and Copyright

Based on information from Mid America Regional Information System for the period 11/01/2022 - 11/01/2024

IDX Listings courtesy of Mid America Regional Information System as distributed by MLS GRID.

All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

IDX Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

IDX information is provided exclusively for consumers personal non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID, and that the use of the MLS GRID Data may be subject to an end user license agreement prescribed by the Member Participant’s applicable MLS if any and as amended from time to time. MLS GRID may, at its discretion, require use of other disclaimers as necessary to protect Member Participant, and/or their MLS from liability.

Listings courtesy of MARIS MLS as distributed by MLS GRID. Copyright © 2024 Mid America Regional Information System (MARIS). All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 11/17/2024, 7:23:48 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

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