Rockford, Illinois Emerges as the Hottest Housing Market in the US

Rockford has taken the lead in the US housing market, offering affordable homes and quick sales, surpassing long-time favorites.

Rockford, Illinois Emerges as the Hottest Housing Market in the US
Rockford, Illinois Emerges as the Hottest Housing Market in the US

Rockford: An unexpected city near Chicago is now the hottest housing market in the US. Can you believe it? Rockford, Illinois, has taken the crown, beating out cities that have been on top for years.

Realtor.com just named Rockford the hottest market for December, ending Manchester, New Hampshire’s impressive 31-time winning streak since 2017. It’s just 90 minutes from Chicago, making it super appealing for homebuyers looking for good deals.

In December, the median home price in Rockford was $242,000, which is way lower than the national average of $356,000. Homes are flying off the market, selling in just 43 days compared to the national average of 70 days.

Hannah Jones, a senior economic analyst at Realtor.com, mentioned that the high demand and low inventory are driving this trend. It’s a hot spot for buyers, with three times more people checking out homes than the national average.

This demand has pushed home prices up by 21% from last year, while prices across the country have dipped by 1.8%. Affordability is a big factor here.

Rockford isn’t just for bargain hunters, though. The city has solid job opportunities in manufacturing and aerospace, plus good healthcare access. But it does face challenges, like an unemployment rate of 8.1% in November, which is nearly double the national rate.

This trend reflects a larger shift in the housing market, with every city on Realtor.com’s hottest list being in the Midwest or Northeast for 15 months straight. Zillow predicts this will continue, with Buffalo, New York, next on the radar, followed by Indianapolis and others.

The nationwide housing market is feeling the pinch from high mortgage rates, which averaged 6.91% last week. Experts say rates need to drop below 6% to really get things moving again.

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