ROCKFORD, Ill. (WTVO) — The month of July saw the highest average sale price of a home in the Rockford market in 24 years.
This was a big topic at the Rockford Area Realtors 2020 State of the Union Thursday night at the Embassy Suites Hotel in Rockford.
Homes, on average, sold for over $151,267. In 2020, the price of homes sold jumped up 8%, topping both state and national averages.
Realtors have credited a drop in the amount of houses for sale, with inventory at half of where it was this time last year.
“It’s a little frustrating for buyers who are having trouble finding a home and prevailing in their bidding, because we have multiple bids on most homes. But, it’s a really good thing for sellers, because most homes are selling in days or weeks,” said Rockford Association of Realtors’ incoming president, Jerry Gibson.
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