2015 proved to be a successful year for the Rockford housing market.
According to Rockford Area Realtors, there was a 3.7% rise in homes sales in 2015. Sales increased from 4,032 in 2014 to 4,184 property sales in 2015. That’s the largest total sales volume going back nine years. The last time sales reached that level was in 2007, the year before the housing recession, with 5,844 sales.
2015 was a seller’s market, with low inventory raising prices. There were ten months of year-over-year price increases.
That’s not all good news though, realtors complained about the lack of quality housing inventory due to a lack of new construction. There was a period of 12 straight months of lower monthly inventory than the previous year. Much of that was due to a lack of sellers.
Moving forward, Rockford Area Realtors says housing affordability will continue in markets like Rockford. They say 2016 will be a good time for renters to take the lunch into homeownership before rising prices and interest rates make it increasingly tougher to buy a home.
If the economy continues to be strong, the Rockford market should parallel its 2015 growth, and area experts say with the growth of Woodward, the aerospace cluster and new regional healthcare initiatives, they expect Rockford to make significant economic gains in years ahead.