Rockford area Realtors say home sale prices show early start to spring buying season

By Kevin Haas
Rock River Current
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ROCKFORD — The average price of a home sold in the region in February is up nearly 15% from the same month a year ago, according to new data from the NorthWest Illinois Alliance of Realtors. It marks the highest monthly year-over-year price increase in more than two years.

The three-month rolling average price of a home sold in Boone, Winnebago and Ogle counties last month was $195,799. That’s down slightly from the January average of $197,355 but up from $170,530 in February 2023.

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Realtors say unseasonably warm temperatures led to an early start on spring homebuying season.

“A strong spring home buying rush typically starts in March and begins tapering in the back half of the summer,” said Conor Brown, CEO of the NorthWest Illinois Alliance of Realtors. “It looks like our housing market will see a stronger, prolonged spring home buying rush this year. With more houses coming onto the market and prices rising, this brings some good news for buyers and sellers.”

The last time the monthly year-over-year price increase was this high was in October 2021 compared to October 2020, when prices rose a little more than 15%.

There were 265 new home listings in February, a gain of nearly 20% from the 221 in the same month a year ago.

The total inventory of homes for sale at the end of the month was 216, just a few less than 222 in February 2023. Realtors say the increase in listings helped negate drops in total inventory that have been occurring over the last few years.

There were 205 homes, condos and townhomes sold in February compared to 254 a year ago. The increase in the average sales price rose by more than $25,000, or more than $2,000 per month in price appreciation, Brown said.

This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas