Inventory of homes for sale hits new record low in the Rockford region
By Kevin Haas
Rock River Current
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ROCKFORD — The inventory of available homes for sale hit a new record low in March with just 150 houses on the market, according to new data from the NorthWest Illinois Alliance of Realtors.
The previous record low was 175 homes on the market in April 2024.
The inventory of homes on the market each month has been dwindling from thousands a decade ago to a few hundred for the past three years. Nine of the last 10 years saw a lower monthly average of homes for sale than the previous year. The only exception was 2024, when the average of 298 homes for sale each month outpaced the mark of 282 in 2023. Through the first three months of this year, there have been an average of 283 homes on the market per month.
“We see low inventory moments regularly, like the natural drop-off from fall into winter, a decline that’s been happening post-COVID, and ebbs and flows within specific markets,” Conor Brown, CEO of the NorthWest Illinois Alliance of Realtors, said in a news release. “This is different. It’s a bit concerning. Just 10 years ago we had so many listings, partly because of the high number of foreclosures, Realtors couldn’t get homes listed fast enough.”
Part of the driving factor for low inventory today is higher mortgage rates that have homeowners feeling locked in to low interest rates they got after the pandemic. They’re unwilling to sell and take on a higher borrowing rate that would come with a new purchase.
Average monthly homes for sale
| Year | Average monthly inventory |
|---|---|
| 2025 | 283 (YTD) |
| 2024 | 298 |
| 2023 | 282 |
| 2023 | 371 |
| 2021 | 424 |
| 2020 | 684 |
| 2019 | 1,029 |
| 2018 | 1,053 |
| 2017 | 1,209 |
| 2016 | 1,481 |
| 2015 | 1,823 |
| 2014 | 2,062 |
The five lowest months for inventory on record have all happened in March or April over the past two years. March 2024 had 193 homes for sale, followed by 195 homes on the market in March 2023 and 201 homes in April 2023, according to the Realtors’ data.
The low inventory of homes for sale has been part of what’s driving up sale prices. The three-month-rolling-average price for a home sold in Boone, Winnebago and Ogle counties in March was $216,771, a 7% increase from the same month a year ago.
The rising prices are still lower than the average across the state, which was $295,000 in March, according to the Realtors’ data.
“There are a significant number of people moving here from the suburbs,” said David Dale Johnson, managing broker for BHHS Crosby Starck Real Estate. ”A lot of people can telework and reverse-commute, only having to go into the office a couple times each week. And there are a lot of them. At least 30% of my sales in the last two years are folks moving from the Chicago area.”
There were 275 home sales in March in the three-county region, just four more than the same month a year ago, according to Northwest Illinois Alliance of Realtors stats. Homes sold in an average of 30 days, a day more than March 2024. The record fast pace was nine days in July 2023.
“This is a golden time for sellers to be in the market,” said Bonnie Moore of Gambino Realtors. “Those with a good memory can think back when it was a buyer’s market and the pain that sellers went through with so many showings and no offers. Or receiving really low offers. It’s a much different story these days.”
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
