By Kevin Haas
Rock River Current
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ROCKFORD — The number of homes that went on the market in the Rockford region in November saw it biggest year-over-year increase in more than two years, according to the latest data from the NorthWest Illinois Alliance of Realtors.
The 345 homes that went onto the market in November represented a 13% increase from the same month a year ago, and that’s the largest increase since a 20% spike in August 2021.
This marks the first time since summer 2021 that new listings have increased year-over-year for three consecutive months. The Realtors group’s stats cover Winnebago, Boone and Ogle counties.
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That increase comes despite what is shaping up to be the lowest inventory of homes on the market in Rockford housing history, according to the Realtors group.
Despite the jump in new homes hitting the market, there were a total of 363 homes for sale in November, a nearly 17% decrease from 437 the same month a year ago.
Inventory is down 1,000 properties from the first 11 months of 2022, which finished with a record low 4,448 homes on the market.
“Many homeowners have been waiting for interest rates to drop before listing their house,” Conor Brown, CEO of NorthWest Illinois Alliance of Realtors, said in a news release. “We will need mortgage to continue to retreat to break up this market inventory stagnation.”
November again saw the average price of a home sold hover around $200,000, with a three-month rolling average price of $199,362. That’s up nearly 9% from $183,239 in November 2022. The highest average price was $205,198 in August.
“The housing market is continuing its long-running trend of low sales and relatively high prices,” Brown said. “The trend toward low sales should continue through the winter, which always is a slow time for housing sales. However, the recent trends toward lower inflation rates, somewhat falling interest rates, and lower unemployment rates can be expected to lead to a rebound in the market if the trends continue.”
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Total home sales also declined in November, dropping from 332 last year to 316 this year. It took an average of 17 days for a home to sale, two faster than November 2022. The record pace was just nine days on the market in July.
“Homeowners thinking of selling have been feeling locked into their low interest rates, but as interest rates climb back down, it is beginning to look more appealing to list their homes,” Brown said. “And these latest stats show this is truly starting to happen.”
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas