Real Estate News
Local Housing Market
Jefferson students earn career in real estate as alternative to college
June 6, 2024- Four Jefferson students have taken advantage of an opportunity to work in the real estate industry, straight after graduating high school.
Alan Mendoza, Michel Palacios, Victor Ojeda, and Adan Herrera have their hearts set on the real estate industry, and a local agency has helped them get a jump start on their careers.
“My uncles have always done real estate, so I was just interested in doing it myself,” he said. “I just want to follow their steps.”
Palacios has family connections as well.
“My grandma has three houses in Chicago now, and so she’s my role model,” Palacios said. “She said she needs someone to pass it [the business] on to.”
Rockford-Area Housing Market Sets Another Price Record As Inventory Rises For First Time In 3 Years
July 3, 2024 - Home sale prices in the region set another record high as the inventory of houses on the market increased for the first time in more than three years.
The three-month rolling average price of a home sold in Winnebago, Boone and Ogle counties was $210,089 in May, according to the latest data from the NorthWest Illinois Alliance of Realtors. That price is up nearly 60% in five years, and it’s up 12% from May 2023.
“Homeowners are seeing unprecedented rises in their home equity,” said Conor Brown, CEO of the NorthWest Illinois Alliance of Realtors. “Home prices have surged 50% since the start of 2020, easily outstripping the gains seen in recent decades.”
The inventory of homes for sale rose 7% to 229 from 214 in May 2023, according to the Realtors group. That’s the first time that inventory has increased in three and a half years, although it’s still below the historical average.
Freeport in the midst of first home construction since 2021 as they work to bring more inventory
August 7, 2024 - The Greater Freeport Partnership and Choice Realty are building two new condos as they work to lessen the low number of homes for sale.
This comes after only 17 homes have become available in the area since June.
These are also the first ones to be built in Freeport in three years, all aiming to boost both the housing and city of Freeport.
Across the Stateline, residents have continued to face challenges when it comes to buying homes for the past several months due to a lack of available places.
"We know even in Stephensen County the housing market is very tight so having more units come online helps kind of create and enrich that inventory," Andrea Schultz Winter, the Executive Director of the Greater Freeport Partnership said.
Students slide into the new school year with a new Haight Park Playground in Rockford
August 22, 2024 - The first recess of the new school year came with new ways to play for All Saints Catholic Academy’s students, who helped design a new Rockford Park District playground that’s a big part of their breaks from class.
The pre-kindergarten through eighth graders had their first chance Thursday to slide, swing and climb on the remodeled Haight Park Playground, 451 Lafayette Ave., in downtown.
“We use it daily at recess. … With a new playground it gives new life to the school, it gives new life to the kids,” said Jeremy Keessee, principal at All Saints, which is across the street from the playground at 409 N. First St. “They were excited to know that they go to choose what they play on and partake in.”
Metra is on track to bring big benefits to the Rockford housing market
September 10, 2024 -As plans for the Metra Passenger Train start on the right track, area housing experts explain new possibilities for the Rockford housing market are on the horizon.
To travel from Rockford to Chicago by car, commuters make a daily two-hour drive. By riding the Metra, (starting in 2027) that travel time could be cut in half.
Whether you’re visiting the Windy City for entertainment or work, Conor Brown, the CEO of the NorthWest Illinois Alliance of Realtors, says this means of transportation is an addition the Forest City’s been waiting for.
Rockford-area home sale prices top record high for fourth-straight month
October 1, 2024 - Home sale prices in the Rockford region have set a record high for the fourth straight month, according to the latest data from the NorthWest Illinois Alliance of Realtors.
The three-month-rolling-average price of a home sold in Winnebago, Boone and Ogle counties was $222,250 in August, topping the July record of $220,965. It’s also 8% higher than August 2023, when the average price was then a record high of $205,198.
A combination of low inventory of home for sales and high demand has had prices skyrocketing for the past few years, especially as mortgage rates rose and homeowners often opted to stay locked into their low rate rather than look to sell.
However, August saw inventory increase by 14%, and August marked the highest month for new listings in three years with 504. Realtors credit that to homeowners who held onto their property for years deciding to capitalize on the increase in their equity. However, inventory is still historically low.
Rockford housing market sees 21-year-old man land first home
October 13, 2024 - It’s one thing to buy your first house but it’s another to buy one at 21 years old.
As if landing a home at this age isn’t impressive enough, Ross Dray did so as prices in the Rockford housing market hit record highs for the fourth straight month according to the latest data from the Northwest Illinois Alliance of Realtors.
For most 21-year-olds, the idea of buying your first home can be daunting but not for Ross Dray, who recently closed on one in Loves Park at least eight months after he started the process with loan officers and realtors.
“A couple years ago like I couldn’t imagine myself getting a house at this age,” says Dray. “Being so young, I really don’t know a whole lot, so they really helped, kind of educate me, as well as helped me through the process.”
‘Huge wave’ of new home listings as Rockford-area sale prices break record for 5th-straight month
November 5, 2024 - Realtors say September delivered a significant spike in the number of homes for sale as prices once again broke records.
The housing inventory rose 23.5% from 332 homes for sale in September 2023 to 410 the same month this year, according to new data from the NorthWest Illinois Alliance for Realtors. That’s the second largest increase by percentage in records going back to 1998. Although the total inventory of homes for sale remains low compared to historical averages.
The record percentage increase came in August 2008, when homes on the market rose 26% from 3,400 to 3,641, according to the Realtors group.
Rockford named hottest housing market in the country in new Realtor.com ranking
January 4, 2025 - The city has climbed to the top of the rankings in the Realtor.com Hottest Housing Markets list, making its way to the No. 1 position for the first time.
Rockford claimed the title of the hottest housing market in December after holding the No. 2 spot on the list in November. The city edged out Manchester, New Hampshire, which has ranked No. 1 on the list 31 times since the rankings began in 2017.
The Realtor.com ranking uses different metrics than when the Wall Street Journal and Realtor.com named Rockford the top housing market in the country last April. That report factored in both the real estate market and the economic health of the community.
This new ranking is determined by market demand as measured by views per property on Realtor.com and the pace at which homes moved off the market.