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 November 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

$160,084

$109/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$16,649(+11.6%)

Key Takeaway

Homes in Rockford have sold for 11.6% more than they did a year ago.

Summary: The median home sold price in Rockford was $160,084 in November 2024, up 11.6% from last year, and the median price per square foot was $109.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $55K$66K
+20.0%
2 $95K$126.7K
+33.4%
3 $146.5K$166.4K
+13.5%
4 $174.9K$211K
+20.6%
5+ $214.7K$162.5K
-24.3%

Summary: Rockford housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 33.4%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 20.6%, and 5+ bedroom homes decreased by 24.3%.

Median Sold Price Compared To Nearby Cities

Rockford
+11.6%
Rockford Township
+11.1%
Cherry Valley
-0.3%
Cherry Valley Township
-2.2%

Housing Supply in Rockford, IL

How many homes are available in Rockford, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
452416-8.0%

Summary: The Rockford real estate market had 416 homes for sale in November 2024, a 8.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 46
+50.0%
2 9487
-7.4%
3 224205
-8.5%
4 8783
-4.6%
5+ 4335
-18.6%

Summary: The Rockford housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 7.4%, 3 bedroom homes decreased by 8.5%, 4 bedroom homes decreased by 4.6%, and 5+ bedroom homes decreased by 18.6%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
127130+2.4%

Asking Price vs. Sold Price

53 Homes Were Sold
Under Asking

29 Homes Were Sold
At Asking

48 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. 40.8% of homes here sold below asking price last month.

Summary: A total of 130 homes were sold or pending in Rockford in November 2024, up by 2.4% month-over-month. Of the 130 sold homes, 41% were sold under asking, 22% were sold at asking, and 37% 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

Nov 2023Nov 2024CHANGE
24 Days22 Days-10.3%

Summary: Homes in Rockford had an average of 22 days on market in Nov 2024, down by 10.3% compared to last year.

Breakdown of Home Sale Times

99 Homes Were Sold
Under 30 Days

28 Homes Were Sold
In 30 - 90 Days

3 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 November 2024, 130 homes were sold in Rockford; 76% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 2% 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 2 Days Ago

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