Is Rockford, MI 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, MI

How much do homes in Rockford, MI cost?

Median Sold Price

$425,000

$250/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$45,066(+11.9%)

Key Takeaway

Homes in Rockford have sold for 11.9% more than they did a year ago.

Summary: The median home sold price in Rockford was $425,000 in February 2024, up 11.9% from last year, and the median price per square foot was $250.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $314.9K$330K
+4.8%
2 $235K$258K
+9.8%
3 $335K$362.3K
+8.2%
4 $422.5K$460K
+8.9%
5+ $496K$585K
+17.9%

Summary: Rockford housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 8.9%, and 5+ bedroom homes increased by 17.9%.

Median Sold Price Compared To Nearby Cities

Rockford
+11.9%
Courtland Township
+7.6%
Cannon Township
+5.8%
Algoma Township
0.0%

Housing Supply in Rockford, MI

How many homes are available in Rockford, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
7782+6.5%

Summary: The Rockford real estate market had 82 homes for sale in February 2024, a 6.5% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 11
0.0%
2 87
-12.5%
3 3029
-3.3%
4 2730
+11.1%
5+ 1115
+36.4%

Summary: The Rockford housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.5%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 36.4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2223+4.5%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

9 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. 39.1% of homes here sold below asking price last month.

Summary: A total of 23 homes were sold or pending in Rockford in February 2024, up by 4.5% month-over-month. Of the 23 sold homes, 39% were sold under asking, 22% were sold at asking, and 39% were sold over asking.

Days on Market for Rockford, MI

How long does it take to sell a home in Rockford, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
63 Days23 Days-63.1%

Summary: Homes in Rockford had an average of 23 days on market in Feb 2024, down by 63.1% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was 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, 23 homes were sold in Rockford; 65% of homes were sold within 30 days, 30% 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 28 Days Ago

Newest Listings in Rockford, MI

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