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 July 2021

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.

How much do homes in Rockford, IL cost?

Median Sold Price

$120,000

$83/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$11,000(+10.1%)

Key Takeaway

Homes in Rockford have sold for 10.1% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $68K$49K
-27.9%
2 $83.7K$85K
+1.5%
3 $109.4K$126.4K
+15.5%
4 $149.9K$140K
-6.6%
5+ $159K$150.5K
-5.3%

Median Sold Price Compared To Nearby Cities

Rockford
+10.1%
Rockford Township
+8.7%
Cherry Valley Township
+7.5%
Cherry Valley
+1.1%

How many homes are available in Rockford, IL?

Number of Homes For Sale

Jun 2022Jul 2022%
373339-9.1%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 65
-16.7%
2 6862
-8.8%
3 169153
-9.5%
4 8378
-6.0%
5+ 4741
-12.8%

Number of Homes Sold

Jun 2022Jul 2022%
113104-8.0%

Asking Price vs. Sold Price

40 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

58 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rockford, you could pay more than the asking price. 55.8% of homes here sold above asking price last month.

Average Sale Time

Jul 2021Jul 2022%
13 Days24 Days+78.2%

Breakdown of Home Sale Times

89 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

4 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.

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

About Rockford, IL

Homes for sale in Rockford, IL have reached 339. The number of listings in Rockford, IL decreased by 9.1% between June 2022 and July 2022. In July 2022, listings were on the market for 24 days. During the same period, the median list price in this real estate market was $120,000. From June 2022 through July 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went down by 27.9%, 2 bedrooms properties became 1.5% more expensive, prices of 3 bedrooms properties went up by 15.5%, the cost of 4 bedrooms properties went down by 6.6%, 5 bedrooms properties became 5.3% more cheaper. Volume of homes for sale changed: number of 1 bedroom homes decreased by 16.7%, number of 2 bedrooms homes decreased by 8.8%, number of 3 bedrooms homes decreased by 9.5%, the quantity of 4 bedrooms homes went down by 6%, 5 bedrooms homes became 12.8% less available. Rockford, IL housing market in July 2022 saw over 58 listings sold above listed price, more than 6 sold at listed price and over 40 sold below.

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