ROCKFORD, Ill. (WTVO) — Rockford area homes continue to sell fast, and for more money.
According to the Northwest Illinois Alliance of Realtors, the average selling price for a home in May was $178,000, an increase of $10,000 and a record for the year.
Demand is still high in the area, despite rising mortgage rates.
CEO Connor Brown said that can be a double-edged sword. “It really puts Rockford in kind of an advantage, because our price points are lower than compared to national averages, but, you know, even for, say first time home buyers, you know, they really have to think through is this a home that I can afford?” he said.
Homes are selling faster, on average taking only two and a half weeks on the market, compared to four weeks earlier this year.