ROCKFORD, Ill. (WTVO) — The average home price in Winnebago, Boone, and Ogle counties hit an all-time high in August, continuing the local housing market’s historic run.
Homes in the are selling for an average of $194,000, up nearly $20,000 over the average asking price one year ago.
Four hundred and sixty homes sold in August, the most in a single month so far in 2022.
Experts expressed some concern that rising interest rates could hurt sales, as the average rate on a 30-year fixed-rate mortgage is 6.29%.
“There’s a little concern on the affordability factor. The truth is, historically, they’re still very reasonable,” said Conor Brown, CEO of Northwest Illinois Alliance of Realtors. “I think we just got spoiled for a few years with 3, 4% interest rates. So, it’s been a little bit of a dramatic rise since the beginning of the year. So, hopefully, things start to settle down here in the near future.”
Homes are selling on average at 17 days on the local market.