NorthWest Illinois Alliance of Realtors 2023 housing market review – WIFR

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ROCKFORD, Ill. (WIFR) – Rockford area realtors review the 2023 housing market and the trends that impacted homebuyers and sellers.

With houses selling in the blink of an eye and not enough homes for sale, many had a difficult time purchasing a home. The housing market in 2023 was described by the NorthWest Illinois Alliance of Realtors as being a record-breaking year.

Buy/sell, rent/lease residential &
commercials real estate properties.

Housing prices saw a jump of nearly 7% from 2022, reaching a record high price of $192,431. This record marks the highest average price paid for homes in Rockford since 1998.

Another record was the all-time low housing inventory where 283 homes went up for sale each month. That is 58 fewer homes each month than in 2022. Homebuyers have been struggling with nine consecutive years of falling inventory.

“The first thing they should do is start being prepared. And that’s working with a local lender, talking to your realtor, what are the expectations that are out there, and then when a house does come on the market that fits your budget, suits your needs, you’re going to have to make an offer quickly,” Conor Brown, NorthWest Alliance of Realtors CEO says.

Real estate experts expect mortgage rates to rise another 1.5% to 2% in 2024. Rising mortgage rates make it difficult for new homeowners to afford a downpayment on a home, leading to 24% of them seeking a rental property. Paul Arena of the Rockford Apartment Association says they have seen rental properties go quickly in recent years.

“I think you should not feel panicked or pressured into selecting just the first apartment just because there’s high demand, but you also don’t want to make a bad decision because you are entering into that for a year,” Arena says.

In 2023, homes flew off the market, selling in a record of 20 days, the fastest ever. Labeled a “sellers’ market,” Rockford homes are going quickly, while buyers struggle to keep up. Brown says if you are looking to sell, now is the time.

“I think it’s just educating yourself, whether you are a buyer or a seller, be prepared, and then also just be ready,” Brown says. “When you are ready to make that move, whether it’s listing or making an offer on a property, you have everything in a row that you need.”

Rockford home sales dropped more than 17% in 2023, the third largest ever. In Illinois alone and across the country, home sales dropped more than 18%. Rockford Realtors determined through this comparison that Rockford is one of the most affordable housing markets in Illinois.

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