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Real Estate News

Local Housing Market

Stateline sees rural migration as more homebuyers lean toward rural properties

April 26, 2021 -The Stateline is experiencing a trend of rural migration, as more homebuyers are preferring rural properties over those in the city.

According to Todd Henry, a realtor in the Stateline, he has seen about a 40 percent increase in people moving into rural properties compared to last year. The reasons behind the purchases vary.

They include the school districts, getting more land or families families buying a second home. Henry also discussed how the job market has led to this trend.

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Illinois offers student loan forgiveness in exchange for buying a home

April 29, 2021- Andrew Earlywine is still getting settled in his Machesney Park home and says buying property is something he and his fiancé always had in mind.

“We talked about it before we moved into the rental that we wanted to buy a house and said why don’t we work for a year and save up some money since we both graduated about a year and half ago,” said Earlywine.

Earlywine says his student debt wasn’t going to stop him from eventually owning a home, but it did make it more challenging.

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Supply of Rockford houses surpassed by demand, for first time in recent history

April 29, 2021- 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.

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Favorable interest rates & multiple offers: Rockford-area home prices hit an all-time high

May 27, 2021- A lack of inventory, favorable interest rates and, in some cases, multiple offers on properties boosted Rockford area home prices to new heights in April.

The three-month rolling average price of a single-family home sold in Winnebago, Boone and Ogle counties rose to a record $161,693 last month, according to Rockford Area Realtors. That’s a 14% increase compared to April 2020.

“Even with rising home prices, super quick sales and fierce competition for inventory, April saw the highest amount of home sales in the last 11 years,” Rockford Area Realtors CEO Conor Brown said in a news release. “This is a clear reflection of the high interest of today’s buyers and overwhelming demand.”

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Rockford homes selling for highest price in history

May 27, 2021 - This Spring, the weather isn’t the only thing heating up. The Rockford housing market has been on fire this year.

In April, Rockford area homes were selling for the highest prices in history.

Despite that, more than 380 homes sold last month.

Realtors say buyers have been taking part in bidding wars more than ever before, some even offering $20,000 over the asking price.

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brick house

Hot Rockford housing market sparks homebuyer bidding wars

May 27, 2021 - A low inventory of homes and a high number of people who want them have created a hot homebuying market.

Home prices are up 14% over last year in Winnebago, Boone and Ogle Counties. The average price for a home in the region is $161,000.

The primary issue? Inventory. Housing inventory in the Stateline is down more than 62% over last year.

"Those homes that are entering the market, it's not uncommon for them to be on the market for a day," said Conor Brown, Rockford Area Realtors CEO. "Multiple offer situations, we've heard extremes of in the twenties, of offers we've heard coming through."

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Rockford homeowners see lowest property tax rate in a decade

June 2, 2021 - Property owners in Winnebago County have until Friday to pay the first installment of their real estate tax bills.

While about 72% of tax bills in Winnebago County are up from last year, the increase is minimal, according to Winnebago County Supervisor of Assessments Tom Hodges.

“The median price change was 1.16%,” Hodges said. “So half of all tax bills did not go up by 1.16% and the other half did go up by more. The median increase was $40.”

A variety of factors contribute to the amount your tax bill rises or falls in a given year, the most significant being how much the value of your property fluctuates. But, another component is how much taxing bodies decide to collect.

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Drop in Rockford area home interest rates

June 7, 2021 - April marked the official start of the spring housing market and Rockford Area Realtors say home prices rose to their highest level ever driven by historically low interest rates and high demand with some competitive house bidding wars.

Inventory is also down, which adds to this competitive housing market. Rockford Area Realtor’s CEO Connor Brown talked with 23 News.

This was the second highest amount of sales in 11 years. Experts say those who have been on the hunt for a house and haven’t been able to get one are likely getting outbid.

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Rockford area real estate market experiencing low inventory, bidding wars

June 10, 2021 - June is traditionally the busiest month of the year for realtors. It's when most homes sell.

But low inventory and high prices create a phenomenon realtors say they've never seen.

"Ive been doing this 39 years in the fall and I've never seen a market like this," Jean Crosby with Crosby Starck Real Estate says.

Inventory is at it's lowest point in decades.

"We have 436 listings and typically we have around 1,500," Crosby says.

That means prices are up and it's a seller's market in the Rockford region.

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for sale sign in front of white house

'We’ve never seen anything like this...': Rockford housing market prices hit new high

June 30, 2021 - Homes in the region are selling for more money than ever before, and Realtors say it won't be slowing down anytime soon.

The three-month rolling average price of a home sold in Winnebago, Boone and Ogle counties in May was $168,894, which is a new all-time high. Homes are selling for $25,550 more than they were this time last May, when the average price sat at $143,344. This year's May price also eclipsed the previous high in April by $7,200.

The seller's market is evident in the average 18 days it took for a home to be sold in May, a new all-time record pace. It took nearly a month longer for a home to sell in May 2020, when the average time on the market was 51 days. The average was 31 days in April. The previous all-time record was in December 2020, when it took 27 days to sell a home.

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New homes in Rockford region spur economic growth

June 30, 2021 - Demand for homes in the Rockford region climb, even as home prices in the Stateline and nationwide soar.

The price of housing in and around the Rockford region, which includes Winnebago, Boone, and Ogle Counties, reached a 17.8% increase in the average home price. It rose from $143,344 in May 2020 to $168,894 (a record high) this past May. Homes that previously sold in 31 days now sell in a record 18 days. While the average price of a home increases nationwide, experts said the price tag is more reasonable in the Rockford region.

Rockford Area Realtors CEO Conor Brown said the real estate market experienced a drought where no homes were built, so it’s nice to see things shift in the right direction.

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Property value surge ongoing in Rockford area

July 23, 2021 - As families re-evaluate their options and look to putting down roots for the future, property values are skyrocketing, hitting record-high levels.

Right now, the three-month average for home prices in the Rockford region surpassed $176,000 close to $30,000 higher than this time last year. This, combined with historically low interest rates, leaves the Forest City in a great place for both buyers and sellers alike.

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REALTORS® in the News

Young Professionals Network hosts fundraiser benefiting Family Peace Center

March 11, 2020 - 23 News Anchor Shannon Kelly had the chance to get behind the bar along with Mayor Tom Mcnamara for the Rockford area realtors Young Professionals Network celebrity bartending event. The main attraction was dare-aoke.

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Rockford Area REALTORS® donate $10K to help local Family Peace Center

December 6, 2020 - The Young Professionals Network of the Rockford Area REALTORS® (RAR) showed its support this week for a project designed to help local survivors of domestic violence, sexual assault, child abuse, elder abuse and human trafficking.

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Three local REALTOR® associations support their communities

August 14, 2020- Members of the Heartland REALTOR® Organization (HRO) of greater McHenry County, the REALTOR® Association of Northwestern Illinois (RANWIL) and the Rockford Area REALTORS® showed their community spirit in memorable ways during the COVID-19 pandemic.

As inspiration for their actions, the local associations drew from the RPAC Hearts for Healthcare Workers Challenge.

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Rockford Area Realtors teams up with local food bank this holiday season

November 19, 2020- A group of Stateline realtors teamed up with the Northern Illinois Food Bank to ensure the community doesn't go hungry.

Rockford Area Realtors usually hosts an annual holiday event where people donate funds and the groups donate the money to a local non-profit. This year, because of the pandemic, it wasn't able to host the event.

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realtor logo on window

Rockford Area Realtors contributes to Rebuilding Rockford campaign

January 21, 2021 - The Rockford Area Realtors presented a $10,000 check to the community-led Rebuilding Rockford Campaign to express support for the extension of a city of Rockford public roads and infrastructure referendum that will appear on the Consolidated Election ballot on Tuesday, February 23, 2021.

Rockford Area Realtors supports the community-led campaign with $10,000 to continue its efforts to educate voters on the extension of the 1 percent public roads and infrastructure sales tax.

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REALTORS® partner with 23 local governments to pass fair housing resolutions during Fair Housing Month

April 2021 - From Belvidere to Belleville, local governments locked arms with local REALTORS® to pass fair housing resolutions during Fair Housing Month in 2021.

Each year, April is recognized by Congress as Fair Housing Month in the United States to commemorate the passage of the Fair Housing Act in 1968. This year, the Illinois REALTORS® encouraged the passage of fair housing proclamations by local government bodies across the state.

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Boone County REALTORS® continue support of local real estate development with grant money

July 8, 2021- Boone County REALTORS®, a chapter of Rockford Area REALTORS®, gave a $2,500 grant to Growth Dimensions Economic Development for Belvidere & Boone County this summer.

The grant money is one of several contributions local REALTORS® have made to help bring commercial and residential development to the area, according to Illinois REALTORS® Local Governmental Affairs Director Neeley Erickson. Boone County members have built strong relationships with Growth Dimensions, and Boone County REALTORS® President Christi Steines is a member of the Growth Dimensions Board of Directors.

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Epic water battle raises funds for Miss Carly’s

July 22, 2021 - Usually there’s no winners in war, but the seventh annual epic water battle had a clear winner.

The Rockford Area Association of Realtors picks a new non profit each year, and this year’s proceeds went to Miss Carly’s, a no-profit which helps people on the streets and those at risk of drug treatment.

“We are so grateful that Rockford Realtors chose to raise money for us this year,” said Founder Carly Rice. “I feel like we really took the brunt at the beginning of the virus and we’ve stayed at the number for so long and we need all the help we can get.”

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Rockford Area Realtors raises money for Miss Carly’s through Epic Water Battle

July 22, 2021- An epic battle took place in Rockford on Thursday...an epic water battle, that is.

It was held by Rockford Area Realtors at Sportscore One. Teams could sign up and compete against each other by trying to throw as many water balloons as possible into buckets in three minutes. The event aimed to raise money for Miss Carly's. The group provides food, shelter and supplies for homeless people in Rockford as well as helps people struggling with poverty and drug addiction.

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