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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ottawa is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Ottawa, IL

How much do homes in Ottawa, IL cost?

Median Sold Price

$193,750

$134/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$27,500(+16.5%)

Key Takeaway

Homes in Ottawa have sold for 16.5% more than they did a year ago.

Summary: The median home sold price in Ottawa was $193,750 in October 2024, up 16.5% from last year, and the median price per square foot was $134.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $66K$325.5K
+393.2%
2 $127.5K$161.5K
+26.7%
3 $172K$190K
+10.5%
4 $207K$259K
+25.1%
5+ $320.5K$409.5K
+27.8%

Summary: Ottawa housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 393.2%, 2 bedroom homes increased by 26.7%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 25.1%, and 5+ bedroom homes increased by 27.8%.

Median Sold Price Compared To Nearby Cities

Ottawa
+16.5%
Ottawa Township
+14.0%
South Ottawa Township
+11.4%

Housing Supply in Ottawa, IL

How many homes are available in Ottawa, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
85108+27.1%

Summary: The Ottawa real estate market had 108 homes for sale in October 2024, a 27.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 13
+200.0%
2 2227
+22.7%
3 4152
+26.8%
4 1821
+16.7%
5+ 35
+66.7%

Summary: The Ottawa housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 22.7%, 3 bedroom homes increased by 26.8%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1820+11.1%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ottawa, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Ottawa in October 2024, up by 11.1% month-over-month. Of the 20 sold homes, 60% were sold under asking, 10% were sold at asking, and 30% were sold over asking.

Days on Market for Ottawa, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days40 Days+148.7%

Summary: Homes in Ottawa had an average of 40 days on market in Oct 2024, up by 148.7% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 20 homes were sold in Ottawa; 70% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 15% 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 Ottawa, IL

Nearby Markets to Ottawa, IL

What housing markets are near Ottawa, IL?