Is Rockford, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rockford is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Rockford has remained a Seller's Market.

Key Takeaway

Rockford is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Rockford, IL

How much do homes in Rockford, IL cost?

Median Sold Price

$149,380

$99/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$25,901(+21.0%)

Key Takeaway

Homes in Rockford have sold for 21% more than they did a year ago.

Summary: The median home sold price in Rockford was $149,380 in February 2024, up 21% from last year, and the median price per square foot was $99.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $52K$76.2K
+46.6%
2 $85K$105K
+23.5%
3 $127.7K$150.3K
+17.7%
4 $145K$190K
+31.0%
5+ $147.4K$186.5K
+26.5%

Summary: Rockford housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 46.6%, 2 bedroom homes increased by 23.5%, 3 bedroom homes increased by 17.7%, 4 bedroom homes increased by 31%, and 5+ bedroom homes increased by 26.5%.

Median Sold Price Compared To Nearby Cities

Rockford
+21.0%
Cherry Valley
+17.4%
Rockford Township
+16.4%
Cherry Valley Township
+6.8%

Housing Supply in Rockford, IL

How many homes are available in Rockford, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
257261+1.6%

Summary: The Rockford real estate market had 261 homes for sale in February 2024, a 1.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 53
-40.0%
2 4652
+13.0%
3 118123
+4.2%
4 6863
-7.4%
5+ 2020
0.0%

Summary: The Rockford housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes increased by 13%, 3 bedroom homes increased by 4.2%, 4 bedroom homes decreased by 7.4%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
7765-15.6%

Asking Price vs. Sold Price

31 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

23 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rockford, you may be able to get a good deal. 47.7% of homes here sold below asking price last month.

Summary: A total of 65 homes were sold or pending in Rockford in February 2024, down by 15.6% month-over-month. Of the 65 sold homes, 48% were sold under asking, 17% were sold at asking, and 35% 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

Feb 2023Feb 2024CHANGE
42 Days39 Days-8.1%

Summary: Homes in Rockford had an average of 39 days on market in Feb 2024, down by 8.1% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Rockford are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 65 homes were sold in Rockford; 58% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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