Rockford housing market sees record-setting inventory drop
ROCKFORD, Ill. (WIFR) - As families look to settle down in the Rockford region, the housing market's record setting drop in inventory encourages them to strike while the iron is hot.
"We have a lot of new houses being built, but we've got a lot of infill too, houses in town that are basically selling as fast as they go on the market," said Rockton Mayor Dale Adams.
The Rockford housing market is taking an inventory tumble, marking the sixth straight year of record-setting drops in the number of homes available for eager buyers.
"Our prices have been rebounding in a very healthy way. But as people are out looking, they're seeing those challenges that they're competing against multiple offers, things of that nature, where a house will sell in a matter of hours," said Rockford Area Realtors CEO Conor Brown.
With properties being snatched up across Winnebago, Boone and Ogle counties, real estate experts say families now have the financial flexibility to design and build their dream homes.
"Those homes that could have been listed for well over a year, those homes are finally selling too. So, everything seems to get going, as long as it's priced right, it's selling fast," said Brown.
Thinking back to the housing boom of the early 2000s, where the Rockford area saw close to 200 homes built in a year, Rockton Mayor Dale Adams says these record-breaking numbers are a sign of good things to come.
"So, it's nothing like that but to have, probably at the end of this year, maybe 30 to 35 new homes built. I think the whole real estate industry is turning around and making a huge comeback," said Adams.
Because of the low availability, local realtors say area subdivisions, such as Woodbury in Roscoe, are selling properties as fast as they hit the market.
Copyright 2020 WIFR. All rights reserved.