Rockford makes list of top 20 emerging housing markets in the US

Things are already looking up in the local housing market.

After a year of high mortgage rates, low inventory and high sales prices, the Rockford area ranks 13th on the most recent Wall Street Journal/Realtor.com Emerging Housing Markets Index .

"The index identifies markets that those considering a home purchase should add to their shortlist — whether the goal is to live in it or rent it as a home to others," Realtor.com said in a news release.

The news comes after local officials predicted that 2023 conditions were expected to improve and carry on into the new year.

More: Three Indiana cities made it into the list of top 20 emerging house markets in the U.S.

The greater Rockford area, with a population of around 335,000 and an average unemployment rate of 6.7%, boasted a median listing price last December that was just shy of $200,000, Realtor.com shows.

National expect inventory in the markets on list to remain relatively low. While inventory has improved annually, the number of homes for sale is still below pre-pandemic levels.

Markets that Rockford ranked higher than include Topeka, Kansas; Akron, Ohio; Toledo, Ohio; and Reading, Pennsylvania. Those that ranked higher than Rockford include Fort Wayne, Indiana; Racine Wisconsin; and Santa Maria-Santa Barbara, California, which topped the list.

Jim Hagerty writes about business, growth and development and other general news topics for the Rockford Register Star. Email him at jhagerty@gannett.com.

This article originally appeared on Rockford Register Star: Rockford makes list of top 20 emerging housing markets in the US