Is O Fallon, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$319,900
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in O Fallon have sold for 6.6% more than they did a year ago.
Summary: The median home sold price in O Fallon was $319,900 in May 2024, up 6.6% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $69.5K | $92K | +32.4% |
| 2 Bedrooms | $129.9K | $135K | +3.9% |
| 3 Bedrooms | $213K | $245K | +15.0% |
| 4 Bedrooms | $340K | $369.9K | +8.8% |
| 5+ Bedrooms | $442.5K | $470K | +6.2% |
Summary: O Fallon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.4%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes increased by 6.2%.
Median Sold Price Compared To Nearby Cities
| Shiloh | $300K | $350K | +16.7% |
| Caseyville Township | $220K | $248K | +12.7% |
| O Fallon | $300K | $319.9K | +6.6% |
| O'Fallon | $299.8K | $315K | +5.0% |
| O'Fallon Township | $295K | $299K | +1.4% |
Housing Supply in O Fallon, IL
How many homes are available in O Fallon, IL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 170 | 176 | +3.5% |
Summary: The O Fallon real estate market had 176 homes for sale in May 2024, a 3.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 12 | 16 | +33.3% |
| 3 Bedrooms | 57 | 58 | +1.8% |
| 4 Bedrooms | 73 | 66 | -9.6% |
| 5+ Bedrooms | 28 | 36 | +28.6% |
Summary: The O Fallon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 9.6%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 47 | +11.9% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in O Fallon, you could pay more than the asking price. 59.6% of homes here sold above asking price last month.
Summary: A total of 47 homes were sold or pending in O Fallon in May 2024, up by 11.9% month-over-month. Of the 47 sold homes, 17% were sold under asking, 23% were sold at asking, and 60% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 45 Days | 51 Days | +14.1% |
Summary: Homes in O Fallon had an average of 51 days on market in May 2024, up by 14.1% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in O Fallon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 47 homes were sold in O Fallon; 49% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Listings courtesy of Mid America Regional Information System as distributed by MLS GRID.