New data shows the Forest City’s housing market did better than others not only across the state — but the nation as well.
The statistics show Rockford significantly outpaced the national and state housing markets. Rockford’s home sales grew 4.9% and the average sale price went from 119,000 in 2016 to roughly $128,000, just a year later. Meanwhile communities across Illinois grew an average 1.2% and U.S. rates grew only 1.1%.
“We’re four times better than that national statistic,” said Rockford Area Realtors CEO Steve Bois. “That’s some pretty exciting news of recovery in this community.”
Rockford Mayor Tom McNamara says the city is more attractive than ever. He says companies are hiring and there’s plenty of family friendly spots. McNamara also credited last year’s move to reduce property taxes by $400,000.
“The largest property tax decrease in over a decade in the city,” said McNamara.
The report also revealed there are only about 870 homes on the market. That’s down 18% from last year and the fewest in city history.
“We need to have maybe some new construction coming in,” said Bois. “It’s definitely a sellers market so we need more homes in the marketplace.”
Hundreds of blighted homes plague Rockford neighborhoods. McNamara says they have created a neighborhood stabilization position to help fix that problem.
“We know that just demolishing them is simply a tactic, its not a strategy. We can take down the worst of the worse but there are a lot of these properties that needs to get back in the hands of quality investors.”