2022 Rockford housing market breaks multiple records

The 2023 Rockford housing market is expected to bring success to sellers due to low inventory and high prices
Published: Jan. 31, 2023 at 6:31 PM CST
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ROCKFORD, Ill. (WIFR) - In the past few years, the real estate market was a boon for sellers but that’s about to change.

“The ‘22 Rockford housing market was nothing short of remarkable. 3 major milestones were set in our market, making this a record setting housing market,” said NorthWest Illinois Alliance of REALTORS CEO Connor Brown.

Deciding when and where to purchase a home is a difficult decision that no one wants to get wrong. On the flip side, experts say sellers need to get it right when listing their homes in order to make a profit.

“The renting market, like the overall housing market has gone up and I think that’s also driven a lot of renters to become buyers because they’re tired of paying someone else’s mortgage, they want to own their own property, so that’s provided an opportunity,” Brown said.

Rockford realtors say the number of hoses on the market is dropping but they are selling at a high price especially in the Rockford Region and the average price is $179,617. Brown tells sellers, don’t wait. Take advantage of this opportunity before its gone.

“With interest rates rising a bit, but they’re still low and with still having grant money available for buyers and a need to get into housing because maybe their rents have gotten so high, they figure they might as well buy, I think they’re going to find this market is going to be more friendly to them,” said NorthWest Illinois Alliance of REALTORS president Ginger Sreenan.

Mortgage rates are also expected to decline. Local realtors say in just the past week, the average 30-year mortgage rate decreased from 6.33% to 6.15%.