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 May 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

$154,348

$101/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$24,378(+18.8%)

Key Takeaway

Homes in Rockford have sold for 18.8% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $55K$74.7K
+35.9%
2 $85K$118K
+38.8%
3 $138.7K$159.9K
+15.3%
4 $149K$201.3K
+35.1%
5+ $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
+18.8%
Rockford Township
+16.1%
Cherry Valley Township
+7.4%
Cherry Valley
+7.0%

Housing Supply in Rockford, IL

How many homes are available in Rockford, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
326337+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

# BEDSApr 2024May 2024CHANGE
1 35
+66.7%
2 6173
+19.7%
3 158148
-6.3%
4 8388
+6.0%
5+ 2123
+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 2024May 2024CHANGE
111110-0.9%

Asking Price vs. Sold Price

39 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

54 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rockford, you could pay more than the asking price. 49.1% of homes here sold above asking price last month.

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 2023May 2024CHANGE
22 Days19 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Rockford are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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