Home sale prices rise again in the Rockford region as inventory hits another record low

By Kevin Haas
Rock River Current
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ROCKFORD — Home sale prices increased year-over-year again in April, finishing with the third-highest monthly average sales price on record, according to new data from the NorthWest Illinois Alliance of Realtors.

The three-month-rolling-average sales price of a home sold in April was $204,500. That’s up 14% from $178,791 the same month a year ago, according to the Realtors group. It’s the fifth time the average sales price has cracked $200,000 for Winnebago, Boone and Ogle counties.

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The total number of homes sold in April was 290, up by 19 from April 2023. Homes moved off the market in 26 days on average.

The Realtors group says interest has increased since a Wall Street Journal report ranked the Rockford region as the country’s top housing market. That ranking, which looked at the top 200 most populous areas of the country, came out April 25. The Rockford metro area was among 11 Midwestern areas that dominated the Top 20, and it was the only one in Illinois to crack the Top 50. Peoria landed at 59.

“We tend to be inward focused on just our housing market, so to have the Wall Street Journal recognize us as the top housing market is really significant,” said Conor Brown, CEO of the NorthWest Illinois Alliance of Realtors. “Our homebuyers and sellers now see what an affordable market we are. And they’re also now hearing that from new clients outside the market who are moving here for job opportunities.”

The inventory of homes available for sale hit another all-time low in the Rockford market. There were 175 homes for sale at month’s end, down from 201 in April 2023.

There were 344 total listings in April, which is the highest number in the last six months. However, it is down from 361 in April 2023.

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The Wall Street Journal Report showcased a turnaround for the Rockford real estate market, which was declared the underwater mortgage capital of America a decade ago. At that time, about 32% of the metro area’s homes were valued at less than the money owed on the mortgage.

Realtors say the increase of remote work has drawn interest to the Rockford market, where buyers can stretch their dollars further. The national spotlight from the Wall Street Journal report has only increased that interest, they say.

“Since the pandemic more and more Americans are working from home, and as a result our market has seen an influx of buyers from other areas,” Brown said. “That’s a new phenomena that not only validates the great value in our housing stock, but also the many lifestyle benefits of living here, like less congestion and less stress, and an easier way of life.”

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