Rockford Region Sees Significant Uptick in New Home Listings Amidst Historically Low Inventory

Takeaways:

• The Rockford region experienced a 13% increase in new homes on the market in November, the largest year-over-year increase in over two years since a 20% rise in August 2021.

• Despite the increase in new listings, overall housing inventory remains low, with a 17% decrease from the previous year and a record low of 4,448 homes on the market for the first 11 months of 2022.

• The average home sale price in November hovered around $200,000, a nearly 9% increase from $183,239 in November of the previous year.

• Home sales declined slightly in November, with 316 homes sold compared to 332 the year before, and homes sold an average of two days faster than in November 2022.

• The CEO of NorthWest Illinois Alliance of Realtors, Conor Brown, suggests that lower inflation rates, falling interest rates, and lower unemployment rates could lead to a market rebound if these trends continue.

References:

[1] New homes on the market rise 13% in Rockford region, biggest increase in more than 2 years. Link

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