Rockford homes have been flying off the market despite all-time high prices

ROCKFORD, Ill. (WTVO) — Rockford home sales increased in January, according to experts. They said there is a way to meet buyers’ demands.

“January was an amazing month for a real estate market here in the Rockford area,” said Northwest Illinois Alliance of Realtors CEO Conor Brown.

For the first time in two years, housing sales increased two months in a row. The total number of single-family homes, townhomes and condos rose nearly eight percent compared to January of 2023.

December sales rose about three percent from the previous year.

“So really what we need on the market today to satisfy our current demand is about six or seven times the number of homes that we have on there,” said Brown.

Prices have also hit an all-time high.

“What we really saw in terms of price appreciation. We saw a 14% increase in our overall average sale price,” said Brown. “So that’s just enormous for our market.”

The average price of a home goes from about $173,000 to almost $200,000.

“If you are a buyer that’s out there, just be ready to make an offer, said Brown. “Be ready to potentially compete against other offers. So you just really have to make sure that your offer stands out.”

Mortgage rates have also skyrocketed. They are twice as high now compared to 2022.

“Mortgage rates have certainly played an enormous factor into this market, as it has across the country,” said Brown. “It’s put a lot of pressure on first-time homebuyers and also those people that are ready to move to their next home. They’re kind of locked into these super-low mortgage rates and they really don’t want to move off them.”

Homes are being bought at a fast rate. Homes have gone down from staying on the market from 34 days to 24 days.

“That’s an amazing speed,” said Brown. “So you think about the winter months are typically a little slower in terms of real estate. But to have it tumbled ten days is quite remarkable.”

Realtor.com reports January as one of their most searched months, indicating people could be ready to buy as we head into spring.

For the latest news, weather, sports, and streaming video, head to MyStateline | WTVO News, Weather and Sports.