Is Oakland, IL 61943 a buyer’s or seller’s market?
Oakland is a seller’s market. With about 3.2 months of supply and 25% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Oakland housing market right now
In the three months ending August 31, 2026, 25% of homes in Oakland, IL 61943 sold above their list price, the typical home went under contract in 112 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 4 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking rose from 0%, homes sold more slowly (44 days then) and the median sale price fell 19% to $130,394. Overall, Oakland is about as competitive as it was a year ago.
Within Coles County, homes here sell more slowly than in any other ZIP code in the county, and sell more often over asking than in 50%.
Nearby, buyers who want less competition could look at Humboldt 61931 (0% sold over asking) or Ashmore 61912 (0% sold over asking), while Charleston 61920 (31% sold over asking) and Mattoon 61938 (28% sold over asking) are even more competitive.
Run the numbers for 61943
Nearby markets
Ashmore 61912Buyer’s market $117 /sq ftCharleston 61920Seller’s market $104 /sq ftHumboldt 61931Seller’s market $133 /sq ftLerna 62440 — /sq ft Browse all markets →Towns like Oakland nearby
Find towns like Oakland in other states →Where Oakland is
Loading map…
Questions about Oakland real estate
Is Oakland a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Oakland, IL 61943 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Oakland?
The typical home went under contract in 112 days in the latest three months.
Do homes in Oakland sell over asking?
25% of homes sold above their original list price, and the typical sale closed at 99.6% of the list price.
What are property taxes in Oakland?
About 1.94% of a home’s value a year in Coles County, or roughly $7,760 on a $400,000 home.
What is the median home price in Oakland?
The median sale price was $130,394 in the three months ending August 31, 2026, about $71 per square foot.
Local agents
See all agents in 61943 →No sponsored agents in 61943 yet. Are you an agent here? Put your name in front of local buyers.
More tools for 61943
Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology