Is Rockford, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Rockford has remained a Seller's Market.
Housing Prices in Rockford, IL
How much do homes in Rockford, IL cost?
Median Sold Price
$154,348
$101/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Rockford was $154,348 in May 2024, up 18.8% from last year, and the median price per square foot was $101.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $55K | $74.7K | +35.9% |
2 Bedrooms | $85K | $118K | +38.8% |
3 Bedrooms | $138.7K | $159.9K | +15.3% |
4 Bedrooms | $149K | $201.3K | +35.1% |
5+ Bedrooms | $160K | $169.5K | +5.9% |
Summary: Rockford housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.9%, 2 bedroom homes increased by 38.8%, 3 bedroom homes increased by 15.3%, 4 bedroom homes increased by 35.1%, and 5+ bedroom homes increased by 5.9%.
Median Sold Price Compared To Nearby Cities
Rockford | $129.9K | $154.3K | +18.8% |
Rockford Township | $132.1K | $153.5K | +16.1% |
Cherry Valley Township | $200.2K | $215K | +7.4% |
Cherry Valley | $259.2K | $277.5K | +7.0% |
Housing Supply in Rockford, IL
How many homes are available in Rockford, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
326 | 337 | +3.4% |
Summary: The Rockford real estate market had 337 homes for sale in May 2024, a 3.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 5 | +66.7% |
2 Bedrooms | 61 | 73 | +19.7% |
3 Bedrooms | 158 | 148 | -6.3% |
4 Bedrooms | 83 | 88 | +6.0% |
5+ Bedrooms | 21 | 23 | +9.5% |
Summary: The Rockford housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 19.7%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 9.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
111 | 110 | -0.9% |
Asking Price vs. Sold Price
39 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
54 Homes Were Sold
Over Asking
Summary: A total of 110 homes were sold or pending in Rockford in May 2024, down by 0.9% month-over-month. Of the 110 sold homes, 35% were sold under asking, 15% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
22 Days | 19 Days | -12.9% |
Summary: Homes in Rockford had an average of 19 days on market in May 2024, down by 12.9% compared to last year.
Breakdown of Home Sale Times
90 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During May 2024, 110 homes were sold in Rockford; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.