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 April 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

$153,187

$101/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$26,187(+20.6%)

Key Takeaway

Homes in Rockford have sold for 20.6% more than they did a year ago.

Summary: The median home sold price in Rockford was $153,187 in April 2024, up 20.6% from last year, and the median price per square foot was $101.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $55K$74.7K
+35.9%
2 $85K$118.2K
+39.2%
3 $131.1K$156.7K
+19.6%
4 $148K$199.6K
+34.9%
5+ $165.5K$175.9K
+6.3%

Summary: Rockford housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.9%, 2 bedroom homes increased by 39.2%, 3 bedroom homes increased by 19.6%, 4 bedroom homes increased by 34.9%, and 5+ bedroom homes increased by 6.3%.

Median Sold Price Compared To Nearby Cities

Rockford
+20.6%
Rockford Township
+16.7%
Cherry Valley
+8.9%
Cherry Valley Township
+5.0%

Housing Supply in Rockford, IL

How many homes are available in Rockford, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
295319+8.1%

Summary: The Rockford real estate market had 319 homes for sale in April 2024, a 8.1% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 43
-25.0%
2 5458
+7.4%
3 148155
+4.7%
4 7382
+12.3%
5+ 1621
+31.3%

Summary: The Rockford housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 4.7%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes increased by 31.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
9699+3.1%

Asking Price vs. Sold Price

33 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

49 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. 49.5% of homes here sold above asking price last month.

Summary: A total of 99 homes were sold or pending in Rockford in April 2024, up by 3.1% month-over-month. Of the 99 sold homes, 33% were sold under asking, 17% were sold at asking, and 49% 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

Apr 2023Apr 2024CHANGE
33 Days33 Days-2.3%

Summary: Homes in Rockford had an average of 33 days on market in Apr 2024, down by 2.3% compared to last year.

Breakdown of Home Sale Times

74 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

12 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 April 2024, 99 homes were sold in Rockford; 75% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 12% 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 9 Days Ago

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