Rockford region housing market on the rise

Rockford Realtors
Rockford Realtors(Rockford Realtors)
Published: Feb. 7, 2022 at 6:50 PM CST
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ROCKFORD, Ill. (WIFR) - More than 5300 homes changed owners in Winnebago, Boone and Ogle counties in 2021 nearly 400 more than the previous year. “Two words immediately jump out at us it was both remarkable and unparalleled, we broke 5 records this past year,” says CEO of Rockford Area Realtors Conor Brown. Those include average sale price, number of days on the market, lowest inventory and lowest average interest rates. Brown says all of those issues created fierce demand even during a pandemic.

“People really wanted to shelter in place but it also go a lot of people thinking about needing more space because they either wanted an office or a yard.” 2021 also became a sellers market with home prices soaring to an average of more than $171,000 the highest total since Rockford housing stats were first collected 24 years ago. Local experts predict this positive trend will continue, but buyers and sellers may need to be a bit more savvy. “The market is going to be challenging again for buyers but with patience and some due diligence its doable,” says Natalie Mulhall with Maurer Real Estate Group. “The demand for home ownership is going to continue and especially with the low interest rates if we have a landing somewhere it will be nothing like 2007 it will be very soft very moderate those levels of price appreciation are going to level off to something that’s more realistic to everybody,” said Ginger Sreenan with Pioneer Real Estate.

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