3 Of The Hottest Housing Markets In The U.S. Are Here In Illinois

I'm wondering if you can name one of those hot Illinois housing markets based upon the photo above.

Going with the abstract imagery I've used, it's gonna to be tough. Do your best.

Okay, time's up.

Rockford, Illinois is one of the absolute hottest housing markets in America, not just in the state of Illinois, according to a new study by financial publication 247WallSt.com.

High Interest Rates Combined With Quickly Rising Prices Have Made Home Ownership Very Difficult For Many

Which is why, across the country, you'll see plenty of homes that have been on the market for a very long time. However, as 247WallSt.com's study shows, that's not the case everywhere. Regions where the demand for homes is higher includes the state of Illinois.

247WallSt.com:

The median sale price for a new, single-family home in the U.S. spiked from $310,100 in April 2020 to $406,000 in July 2021, and has remained above $400,000 ever since, according to government data. Meanwhile, amid a series of rate hikes from the Federal Reserve, the average interest on a 30-year fixed rate mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half.

So let's take a look at these 3 Illinois housing markets that are among the hottest markets in the nation. We can begin with Illinois' hottest housing market first.

Rockford Is Ranked As The Fourth Hottest Housing Market In The Entire Nation, According To This Study

"Hotness" is a term used by Realtor.com that accounts for how long homes are on the market and other measurable details of supply and demand logistics. Here are Rockford's numbers:

• Hotness index score, Dec. 2023: 98.15 out of 100
• Time a house typically spends on the market: 40 days
• Year-over-year change in median days on market: -23.1%
• Median list price: $199,900
• Year-over-year change in median days on market: +17.7%

The other 2 Illinois Hot Housing Markets are:

Peoria is ranked at #15:

• Hotness index score, Dec. 2023: 88.42 out of 100
• Time a house typically spends on the market: 48 days
• Year-over-year change in median days on market: -12.0%
• Median list price: $149,900
• Year-over-year change in median days on market: +7.2%

Springfield takes the #25 spot:

• Hotness index score, Dec. 2023: 85.91 out of 100
• Time a house typically spends on the market: 49 days
• Year-over-year change in median days on market: +8.9%
• Median list price: $168,950
• Year-over-year change in median days on market: +2.4%