BY SAM SCINTA WEEKLY REPORTER
O’FALLON – Perhaps the only thing hotter than the Southern Illinois heat is the O’Fallon housing market, which finally looks to have fully pulled out of the recession of the late 2000’s and early 2010’s.
Home sales in O’Fallon bottomed out in 2009, but recovered before subsequent drops in 2011 and 2012, but it finally looks as if the market has stabilized, allowing for steady and rapid improvement.
Perhaps the most notable stat to show the resurgence of the O’Fallon real estate climate would be the average time on the market. In April of 2016, the average listed O’Fallon home would spend 100 days on the market, but by May, that number was down to 61 days.
“It’s been crazy. We have some agents that are turning listings around into sales in a matter of a week,” one agency office manager told the Weekly. “A couple of years ago, that property is on the market for three, maybe four months. Now it’s gone in a week.”
Such a drastic drop in time is indicative of multiple things. The first is that the demand for properties has finally exceeded the supply, which put an end to the steadily rising waiting rates. The second is that housing construction was about to begin again, which became clear with new developments in existing neighborhoods like Indian Prairie and in new subdivisions such as the Reserves of Timber Ridge.
O’Fallon’s average closing price currently sits at $207,000, which is higher than other Metro East communities such as Belleville and Edwardsville.
O’Fallon also holds an average of $82 per square foot, coming in at the top of the Metro East. Towns in the area with comparable value include Collinsville ($73 per square foot), Fairview Heights ($66 per square foot), and Belleville ($55 per square foot).
With its excellent school system and proximity to St. Louis and Scott Air Force Base it’s no secret why O’Fallon is a popular choice for families moving into the area. But O’Fallon also boasts a relatively low cost of living compared to the national average, making it the ideal location in the Metro East to invest in property and then steadily grow equity on it.
O’Fallon was listed as one of the fastest growing community in Southern Illinois, coming in at 67th overall in the state, posting a 3.5% increase in working age population over a 3 year span.
Huntington Chase Homes has just opened Phase 1 of The Reserves of Timber Ridge off of Simmons Road north of Fulton Junior High School. The development of new neighborhoods is a textbook indicator of a thriving real estate market, and with this project and a new build going up on Troy O’Fallon Road east of Seven Hills Road, it’s a sure indication that the O’Fallon real estate climate is piping hot.
“We’ve been really busy over the summer. But it’s been a good busy. A productive busy. We have felt it turn around.”