ROCKFORD, Ill. (WTVO) — For the first time in recent history, the demand for homes has surpassed the local supply.
March real estate numbers show the average sale price exceeding $152,000. That’s almost 12% year-over-year increase, but the jump in price hasn’t turned off buyers.
Rockford Area Realtors CEO Connor Brown says bidding wars have become common.
“When you have so many buyers that are out there competing against each other, in many cases beating one another out, they are offering over list price,” said Brown.
Brown adds, on average, local homes are appreciating about 1% a month.