Freeport-area housing market bucking the trend seen across Illinois
The housing market in northwest Illinois bucked a statewide trend through the first quarter of the year.
Housing inventory fell nearly 12 percent across the state, according to the NorthWest Illinois Alliance of Realtors. However, the housing market in Stephenson, Jo Daviess and Carroll counties saw an 15.4 percent increase of properties for sale this year compared to last year.
More: Here are 3 housing market trends you can expect to see in the Freeport area in 2023
“The biggest challenge in the housing market during the pandemic has been how few houses there are for sale” Conor Brown, CEO NorthWest Illinois Association of Realtors, said in a news release. “The housing market needs more homes for sale to meet the demand of buyers lined up ready to buy. And the northwestern Illinois market just saw that happen. This is really good news for area buyers as the housing market hits its peak this spring and summer.”
487 properties were listed for sale through the first quarter this year in the aforementioned counties compared to just 422 properties last year.
Across the state, 54,267 properties were listed for sale in the first quarter of 2023, a far drop from last year's 61,484 properties that were listed.
As for home prices, experts said prices continued to climb at a moderate raise with the three-month rolling average price rising 2.4 percent this year from last year. Despite a rise in prices, homes in the northwestern Illinois market are significantly cheaper than prices across the state.
According to the NorthWest Illinois Association of Realtors, a home in Stephenson, Jo Daviess or Carroll counties are cost 22.9 percent less than a home across the state. A home in the area market is close to $56,500 less than in the state.
Despite being behind the state, homes are selling faster in northwest Illinois than they did last year. The average home sold in just 50 days this year, compared to 66 days last year during the same period.
Homes across the state are selling in about 41 days, according to the NorthWest Illinois Association of Realtors.
This article originally appeared on Rockford Register Star: Freeport-area housing market bucking the trend seen across Illinois
