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August
27
27
Rockford's Real Estate Rebound
Rockford's Real Estate Rebound is in full effect! The Rockford housing market is red hot. Rockford Area Realtors have seen total monthly sales beat the previous year's monthly sales in 10 of the last 12 months. And prices are gaining, too. The three-month average rolling sales price has increased year-over-year in 9 months over the last year. And increasing prices equals increased equity, which typically sparks overall sales.
July saw a significant jump in July home prices and a leap in housing inventory. Just check out these amazing stats!
The three-month rolling average price hit its highest level in 31 months at $113,178 in July, that's the highest monthly average since January 2011. And if that wasn't enough, the Rockford area housing inventory hit the 2,000 level for the first time this year, the highest since last November.
Overall the absorption rate is 6.49 months or less this year, matching 2007, the year before the housing recession hit, and new listings, which have been anemic to say the least, are up 7 of 12 months year over year. And perhaps the best news of all, as the housing market recovers; Dickerson & Nieman is gaining a bigger percentage of the pie with more sales than the market average.
With the housing recovery in full swing, the Rockford real estate market is seeing the return of home sellers. Housing inventory jumped from 1,965 in June to 2,093 properties in July. The result: 128 more potential buyers on the market.
Driving sales are two key homebuyer groups: first-time homebuyers and move-up buyers. Almost a quarter of millennials purchased a home with their current spouse before their wedding, according to Coldwell Banker's new Mortgage and Homebuying study.
Rising home prices are also fueling the selling market as existing homeowners become more confident about potential home profits and the prospect of moving up to bigger houses. So it's all good news, and we hope a harbinger of much more to come!
For over forty years, Dickerson & Nieman Realtors has been serving buyers and sellers in Winnebago, Boone, and Ogle counties. Each of our five offices (Rockford, Belvidere, Roscoe, Oregon and Byron) are locally managed and staffed. Our greatest asset, our agents, is the reason Dickerson & Nieman has become the largest real estate firm in our area and one of the top residential real estate firms in the country. Click here to contact us.
Dickerson & Nieman Realtors
Offices in Rockford, Roscoe, Belvidere, Byron and Oregon
Phone: 800-666-3530