Is Rockford, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Rockford has remained a Seller's Market.
Housing Prices in Rockford, IL
How much do homes in Rockford, IL cost?
Median Sold Price
$150,000
$99/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Rockford was $150,000 in March 2024, up 20% from last year, and the median price per square foot was $99.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $49K | $85K | +73.5% |
2 Bedrooms | $85K | $112.2K | +32.1% |
3 Bedrooms | $130.3K | $151K | +15.9% |
4 Bedrooms | $145K | $200K | +37.9% |
5+ Bedrooms | $142.5K | $179.9K | +26.3% |
Summary: Rockford housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 73.5%, 2 bedroom homes increased by 32.1%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 37.9%, and 5+ bedroom homes increased by 26.3%.
Median Sold Price Compared To Nearby Cities
Rockford | $125K | $150K | +20.0% |
Rockford Township | $129.7K | $150K | +15.6% |
Cherry Valley | $249.9K | $276.5K | +10.6% |
Cherry Valley Township | $200K | $210K | +5.0% |
Housing Supply in Rockford, IL
How many homes are available in Rockford, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
271 | 290 | +7.0% |
Summary: The Rockford real estate market had 290 homes for sale in March 2024, a 7.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 4 | +33.3% |
2 Bedrooms | 51 | 52 | +2.0% |
3 Bedrooms | 130 | 140 | +7.7% |
4 Bedrooms | 67 | 76 | +13.4% |
5+ Bedrooms | 20 | 18 | -10.0% |
Summary: The Rockford housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
77 | 90 | +16.9% |
Asking Price vs. Sold Price
40 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Summary: A total of 90 homes were sold or pending in Rockford in March 2024, up by 16.9% month-over-month. Of the 90 sold homes, 44% were sold under asking, 16% were sold at asking, and 40% were sold over asking.
Days on Market for Rockford, IL
How long does it take to sell a home in Rockford, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
30 Days | 29 Days | -2.8% |
Summary: Homes in Rockford had an average of 29 days on market in Mar 2024, down by 2.8% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During March 2024, 90 homes were sold in Rockford; 69% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.