Rockford Region housing inventory hits new low

Local realtor says less than 200 homes are for sale in the area.
The afternoon's first look at events making news today.
Published: May. 5, 2023 at 5:09 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

ROCKFORD, Ill. (WIFR) - The number of homes for sale in the region hit a new low in March, with end-of-month inventory falling to 195 homes. According to the NorthWest Illinois Alliance of Realtors, this is the first time this housing stat fell below 200 properties.

“If that doesn’t mean anything to you, I can put it into perspective. We have almost a thousand realtors in our market,” said realtor Michelle Romano-Huber. “So, 200 houses, and a thousand realtors.”

Romano-Huber advises anyone looking to buy a home right now to be patient.

“The right place is out there for you,” said Romano-Huber. “Find a realtor who is connected.”

With home prices escalating higher than the statewide average, more sellers are entering the market.

“Housing markets have cooled slightly, but demand hasn’t disappeared, and remains strong largely due to the shortage of homes on the market,” said NorthWest Alliance of Realtors CEO Conor Brown. “The combination of a low supply of listings and higher demand driven by low mortgage rates meant homes saw record appreciation in the past few years.”