ROCKFORD, Ill. (WTVO) — Home sales in the Rockford area are hitting historic levels.
September was a good month for sellers, where prices increased at rates never seen before. The price of a home in some stateline counties is at nearly $180,000, but housing experts warned that every market is temporary, and despite some homes selling in just two weeks, this could come to an end soon, as an increase in interest rates in seen.
Rising inflation could continue to drive rates higher, but Conor Brown, with the Rockford Area Realtors, said that he is not expecting a crash.
“Don’t be surprised if you see both a seasonal slow down in terms of the number of sales, but also a slight slow down due to some higher interest rates,” Brown said. “This doesn’t necessarily mean a market crash, it just means we might come into more of a soft landing.”
As of September, more than 500 homes in the Rockford region were sold. Brown said that this is still a good time to look at selling.