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Is Olney, IL 62450 a buyer’s or seller’s market?

Seller’s market 3 months ending August 31, 2026 · Source: Redfin

Olney 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.

Months of supply3.2Under 4 months = seller’s market
Sold above original list25%Share of sales, last 3 months
Median sale-to-list97.4%Sold price ÷ list price
Median days on market196Listing to accepted offer
Median price per sq ft$97▲ +16.6% vs. last year

The Olney housing market right now

In the three months ending August 31, 2026, 25% of homes in Olney, IL 62450 sold above their list price, the typical home went under contract in 196 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 (79 days then) and the median sale price rose 130% to $183,920. Overall, Olney is less competitive than a year ago, which gives buyers more room.

Run the numbers for 62450

Prefilled for 62450Can I win this house?Multiple-offer likelihood for a listing Prefilled for 62450Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Noble 62868 — /sq ftParkersburg 62452 — /sq ft Browse all markets →

Towns like Olney nearby

Find towns like Olney in other states →
Mount Carmel, IL62863 · 27 miles away91% similarVery close on income, prices and more Vincennes, IN47591 · 31 miles away89% similarpricier homes ($41K more) · larger Lawrenceville, IL62439 · 22 miles away87% similarsmaller · older homes Princeton, IN47670 · 38 miles away87% similarpricier homes ($42K more)

Where Olney is

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Questions about Olney real estate

Is Olney a buyer’s or seller’s market?

A seller’s market: there were 3.2 months of supply in Olney, IL 62450 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 Olney?

The typical home went under contract in 196 days in the latest three months.

Do homes in Olney sell over asking?

25% of homes sold above their original list price, and the typical sale closed at 97.4% of the list price.

What are property taxes in Olney?

About 1.58% of a home’s value a year in Richland County, or roughly $6,320 on a $400,000 home.

What is the median home price in Olney?

The median sale price was $183,920 in the three months ending August 31, 2026, about $97 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology