Available homes for sale rises for seventh-straight month, first such stretch in 15 years

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By Kevin Haas
Rock River Current
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ROCKFORD — The number of homes for sale in the Rockford region has risen for a seventh-straight month, the longest stretch of inventory increases in 15 years, according to new data from the NorthWest Illinois Alliance of Realtors.

Historic lows in available homes for sale have played a key part in driving up prices to record highs. While inventory is increasing, it’s still below pre-pandemic averages and home sale prices continue to increase on a year-over-year comparison.

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The three-month-rolling average price of a home sold in Boone, Winnebago and Ogle counties was $221,624 in November, an 11% increase from $199,362 the same month last year, according to NorthWest Alliance of Realtors.

So far this year, the average sale price has been $212,240 compared to $189,600 at this point in 2023. That’s a nearly 12% increase.

There were also more total homes sold, increasing from 316 in November 2023 to 349 last month.

“Increasing inventory is leading to more transactions,” Conor Brown, CEO of NorthWest Illinois Alliance of Realtors, said in a news release Thursday. “With additional job gains and continued economic growth resulting in growing housing demand. The worst of the downturn in home sales could very well be over.”

The number of single-family homes and condominiums for sale in November rose nearly 7% from 363 to 388. Inventory is up 13% during the seventh-month stretch of increases, going from 2,145 homes for sale between May and November last year to 2,423 this year.

The last seven-month stretch of inventory increases was June 2008 to January 2009, which was amid the subprime mortgage crisis.

Homes sales typically slow during winter months before a spring surge. Brown said he expects higher-than-typical activity this winter because higher inventory may make sellers eager to list now rather than face more competition in spring.

“A lot of people assume spring is the ideal time to sell their house,” Brown said. “And yes, buyer demand usually picks up at that time of year. But so does your competition because a lot of people put their homes on the market at the same time. Realtors are telling me that an increasing number of sellers are realizing this and are getting their homes ready for sale in the next few months.”

No. 2 hottest market

Rockford continues to rank as one of the hottest housing markets in the country, according to Realtor.com’s monthly rankings.

In November, Rockford ranked second behind Springfield, Massachusetts, on the agency’s list of the 20 hottest housing markets.

The list is determined by market demand as measured by views per property on Realtor.com and the pace at which homes moved off the market.

In November, it took an average 20 days for a home to sell after being listed. That’s up three days from 17 in November 2023.

The record pace came in July 2023, when it took just nine days on average for a home to sell.

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