ROCKFORD (WREX) — Average home price growth in Illinois is lagging behind the rest of the country and not keeping up with national averages. Rockford realtors say even though area prices are rising more quickly than the state average, they’re keeping an eye on a noticeable trend.
Illinois home prices grew at an average of 1.9 percent last year, according to the Federal Housing Finance Agency, while the national average was 4.9 percent. While Rockford is seeing prices rise quicker than that of the state, it still has a lot of work to do.
“We have a lot of ground to make up,” says Conor Brown, Rockford Area Realtors CEO.
Lower prices are contributing to a cycle that housing experts are keeping an eye on, low inventory.
“For an area of our size, about 2,200 homes and condos being for sale is a nice balance between buyer demand and seller opportunity,” says Jonathan Krause, Gambino Realtors president. “Right now we’re somewhere about half of that number.”
“People are hesitant to put their house on the market because they don’t know where they are going to next,” says Brown.
Conor Brown with the Rockford Area Realtors says while prices will continue to rise slowly, it will take more than that for the market to return to balance.
“I would say for us to get into truly, a healthy, balanced market within the Rockford area, we need that new home construction to return,” says Brown.
Realtors say they feel 2020 will mimic the trends of 2019, but they say they are optimistic that home prices will continue to grow even if it is slow.
