Rockford region’s streak of record-setting home sale prices ends, but market remains hot
https://infogram.com/rockford-area-home-sale-prices-1h8n6m3j55lzj4x?live
By Kevin Haas
Rock River Current
Get our free e-newsletter
ROCKFORD — A streak of five-straight months of record-setting home sale prices in the region has ended, but prices are still up from the same time a year ago.
The three-month rolling average price of a home sold in Boone, Winnebago and Ogle counties in October was $221,759, according to new data from the NorthWest Illinois Alliance of Realtors. That’s up 12% from an average of $197,290 in October 2023, and it’s the fourth-consecutive month with average prices above $220,000. The overall average was $190,170 in 2023.
More news: Williams-Laird Fur Company in Rockford to close after nearly 40 years in business
Rockford continues to sit in the Top 10 of Realtor.com’s hottest housing markets, ranking in a tie for fourth with Concord, New Hampshire, in the October list. The top spot was held by Machester-Nashua, New Hampshire. Rockford ranked No. 2 in September, and it was at the top of a separate Realtor.com and Wall Street Journal ranking in April.
The Realtor.com hotness list is determined by market demand as measured by views per property and the pace at which homes moved off the market. Homes spent an average 20 days on the market in October, an increase of five from October 2023.
The inventory of homes for sale in the region also increased in October, rising 22% from 360 homes in October 2023 to 440. It marks six months in a row that inventory has risen.
“There are more homes on the market right now than there have been, and that could be a game-changer for you if you’re ready to buy,” Conor Brown, CEO of the NorthWest Illinois Alliance of Realtors, said in a news release. “Though still lower than pre-pandemic levels, with more homes available for sale now, you have more options to choose from.”
The last time inventory rose for six months in a row was from April to September 2014.
Total home sales increased to 372 in October compared to 349 the same month a year ago. That is the largest monthly increase in home sales in nearly four years, according to the Realtors group.
The last major spike in home sales was in December 2020, when total sales rose 23% year-over-year.
“This is a good sign that marketwide year-over-year sales, average prices and inventory were all up during October, especially since this is the first time we have seen all three go up during the same month in 2024,” Brown said.
Although home sale prices continue to increase, that growth is slowing. Average home sale prices increased by more than 15% for the first four months of the year, but increases are at roughly 10% during the last six months, according to the Realtors group.
Brown said that could be a benefit for buyers.
“Slower or stalled price growth could give you a better chance of finding something within your budget,” 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
