‘Huge wave’ of new home listings as Rockford-area sale prices break record for 5th-straight month

By Kevin Haas
Rock River Current
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ROCKFORD — Realtors say September delivered a significant spike in the number of homes for sale as prices once again broke records.

The housing inventory rose 23.5% from 332 homes for sale in September 2023 to 410 the same month this year, according to new data from the NorthWest Illinois Alliance for Realtors. That’s the second largest increase by percentage in records going back to 1998. Although the total inventory of homes for sale remains low compared to historical averages.

The record percentage increase came in August 2008, when homes on the market rose 26% from 3,400 to 3,641, according to the Realtors group.

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“There was a huge wave of homeowners listing their properties for sale,” Conor Brown, CEO of the NorthWest Illinois Alliance of Realtors, said in a news release. “There are more inventory choices for consumers and lower mortgage rates than a year ago, a swirl of factors connected with higher home sales that are developing.”

Home sale prices have increased locally and across the country since the start of 2020, largely because a limited stock of homes on the market and high demand from buyers who looked to capitalize on low interest rates.

The three-month-rolling average price of a home sold in Winnebago, Boone and Ogle counties in September was $224,406, breaking the record of $222,250 set in August. It marks the fifth-consecutive month that local home sale prices have hit a record high.

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The average sale price in September is also up 12% from $200,342 the same month a year ago.

The average sale price has risen more than $27,000 since the start of the year.

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“More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,” Brown said. “And it’s great news for home sellers who are reaping record gains in their home equity.”

Rockford remained one of the hottest real estate markets in the nation, according to the monthly ranking from Realtor.com.

Rockford was ranked No. 2 on the Top 20 list of hottest metro markets in a three-way tie with Concord, New Hampshire, and Springfield, Massachusetts.

Homes moved off the market in an average of 15 days in September, and Realtors’ data shows it’s still a seller’s market. A balanced market comes when the average time it would take to sell all existing housing inventory is roughly five to six months. According to the Realtor’s group, that rate now stands at about 1.31 months.

“Competition for properties sold should remain brisk in quarter number four, so buyers should be ready to act when they find the home they want to purchase,” Brown said. “Be prepared to pounce if a great opportunity arises.”

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