Rockford’s Housing Numbers on the Upswing
Some newly released numbers show that Rockford's housing market is not only ahead of the rest of Illinois, but the nation as a whole.
February was another month of growth for Rockford's housing market. Rockford's home sales grew 4.9% and the average sale price went from $119,000 in 2016 to just over $123,000 in a one-year span. Across our state, communities in Illinois grew an average 1.2% and U.S. national rates grew only 1.1%.
From 23WIFR News:
That's the highest average since 2008. Last month, 872 homes were on the market: a 25 percent drop from this time last year. A drop in available homes in the Rockford area is also causing an increase in home prices. On the other hand, national sales in homes are down more than four percent in January 2017 compared to January 2016. "We're number one in the state of Illinois, head of the class in job creation. That's a big deal. you know, we have significant capital investment going on around the region and that's paid off. The good news about our region is we build things and design and send things, and the money comes back here," said Rockford Area Realtors CEO Steve Bois.
The report also revealed there are only about 870 homes on the market. That's down 18% from last year and the fewest in city history.