WSJ/Realtor.com names Rockford metro area no. 1 housing market in country

The Wall Street Journal/Realtor.com 2024 Housing Market Ranking placed the Rockford metro area at the top of the hottest real estate market in the country.

What does the report say about the Rockford housing market?

"The median listing price of a home in the Rockford metro area soared to $235,000 in March, up a stunning 51.7% compared with a year ago, which is the largest gain of any metro area in the ranking’s top 20," the report states.

Why is the Rockford area attractive to homebuyers?

According to the Wall Street Journal, buyers are drawn to the area's affordable housing stock and its growing healthcare, aerospace and logistics industries. The publication also noted the Rockford area's quality of life such as access to parks, a variety of retail and low climate risk.

More: Low inventory, high demand causing Rockford area homes to sell at breakneck speeds

What's driving Rockford's hot housing market?

A shortage of available listings is part of what's driving Rockford’s hot housing market, the report states, even though the area’s population has barely changed from 2020 levels of around 337,000.

What is market demand doing to housing prices?

According to the report, the median listing price of a home in the Rockford metro area in March was $235,000, a 51.7% increase over last year. It was the largest gain of any metro area in the ranking’s top 20.

How does this compared to past years?

In 2013, nearly one-third of the metro area’s mortgages were underwater, meaning homes were worth less than the money owed on them.

How did WSJ/Realtor.com determine the rankings?

The annual WSJ/Realtor.com Housing Market Ranking evaluates the 200 most populous Core-Based Statistical Areas in the U.S. across two broad categories: real-estate market (60%) and economic health and quality of life factors (40%). The Rockford area Core Based Statistical Area includes Boone, Ogle Stephenson and Winnebago counties.

What are the top 10 metro area markets?

Chris Green is a Rockford Register Star general assignment reporter. He can be reached at 815-987-1241, via email at cgreen@rrstar.com and X @chrisfgreen .

This article originally appeared on Rockford Register Star: WSJ/Realtor.com names Rockford metro area no. 1 housing market in country