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 June 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

$155,377

$101/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$23,594(+17.9%)

Key Takeaway

Homes in Rockford have sold for 17.9% more than they did a year ago.

Summary: The median home sold price in Rockford was $155,377 in June 2024, up 17.9% from last year, and the median price per square foot was $101.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $62.5K$68K
+8.8%
2 $85K$119K
+40.0%
3 $140K$160K
+14.3%
4 $155K$199.6K
+28.8%
5+ $165K$179.9K
+9.0%

Summary: Rockford housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.8%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 28.8%, and 5+ bedroom homes increased by 9%.

Median Sold Price Compared To Nearby Cities

Rockford
+17.9%
Rockford Township
+14.8%
Cherry Valley Township
+7.0%
Cherry Valley
+5.5%

Housing Supply in Rockford, IL

How many homes are available in Rockford, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
343345+0.6%

Summary: The Rockford real estate market had 345 homes for sale in June 2024, a 0.6% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 56
+20.0%
2 7364
-12.3%
3 153165
+7.8%
4 8989
0.0%
5+ 2321
-8.7%

Summary: The Rockford housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes decreased by 12.3%, 3 bedroom homes increased by 7.8%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 8.7%.

Number of Homes Sold

May 2024Jun 2024CHANGE
120109-9.2%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

61 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. 56% of homes here sold above asking price last month.

Summary: A total of 109 homes were sold or pending in Rockford in June 2024, down by 9.2% month-over-month. Of the 109 sold homes, 27% were sold under asking, 17% were sold at asking, and 56% 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

Jun 2023Jun 2024CHANGE
19 Days20 Days+0.6%

Summary: Homes in Rockford had an average of 20 days on market in Jun 2024, up by 0.6% compared to last year.

Breakdown of Home Sale Times

87 Homes Were Sold
Under 30 Days

16 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.

Summary: During June 2024, 109 homes were sold in Rockford; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% 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 26 Days Ago

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