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 May 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

$200,000

$140/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$20,000(-9.1%)

Key Takeaway

Homes in Otto Township have sold for 9.1% less than they did a year ago.

Summary: The median home sold price in Otto Township was $200,000 in May 2024, down 9.1% from last year, and the median price per square foot was $140.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $185K$159.2K
-13.9%
3 $208K$200K
-3.8%
4 $230K$220K
-4.3%
5+ -$650K
N/A

Summary: Otto Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 13.9%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Chebanse
+50.8%
Kankakee
+26.5%
Otto Township
-9.1%

Housing Supply in Otto Township, IL

How many homes are available in Otto Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
660.0%

Summary: The Otto Township real estate market had 6 homes for sale in May 2024, the same as April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 11
0.0%
3 43
-25.0%
4 12
+100.0%
5+ 00
0.0%

Summary: The Otto Township 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 remained the same, 3 bedroom homes decreased by 25%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
21-50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Otto Township, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in Otto Township in May 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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

May 2023May 2024CHANGE
99 Days41 Days-58.8%

Summary: Homes in Otto Township had an average of 41 days on market in May 2024, down by 58.8% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Otto Township has remained consistent over time.

Summary: During May 2024, 1 homes were sold in Otto Township; 0% of homes were sold within 30 days, 100% 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 1 Day Ago

Newest Listings in Otto Township, IL

Nearby Markets to Otto Township, IL

What housing markets are near Otto Township, IL?