Rockford, IL

Rockford, Illinois is a city located in the north-central part of the state. The city has a population of about 175,000 and is the fifth largest city in Illinois. Rockford was founded in 1851 and became a major center for manufacturing during the early 20th century. Today, the city is known for its manufacturing and service industries, as well as its health care and education sectors.

Real estate in Rockford is characterized by its high demand and low supply of housing units. The median home price in Rockford was $137,500 in 2016, which was higher than both the statewide median home price of $130,000 and the national median home price of $177,500. In addition to high prices, Rockford also has a limited number of homes available for sale. As of May 2017 there were only 1,868 homes available for sale in Rockford compared to 2,927 homes available statewide and 5,859 homes available nationally. This shortage has led to increased prices and competition for housing units.

One reason why real estate prices are so high in Rockford is because there are few affordable options for homeownership. The median monthly rent for an apartment in Rockford was $1,090 as of May 2017 which was higher than both the statewide median rent ($895) and national median rent ($1120). In addition to being expensive to live in, apartments also tend to be small compared to other types of housing units. As a result many people who want to buy or lease property in Rockford must compete with others who want to do the same thing.

Despite these challenges real estate agents say that they see strong demand from buyers looking for properties that meet their needs within reasonable budgets. There are many neighborhoods throughout Rockford that offer different types of housing options including single family homes (both new construction and pre-owned), townhomes/condos/lofts ,and apartments . Additionally there are many developments underway or planned that will provide even more choices when it comes to where you can live . Agents say that they have seen an increase interest from buyers looking into properties outside traditional neighborhoods such as downtown or near universities . They also report seeing an increasing number of buyers interested in purchasing land instead of renting or buying property sight unseen . These trends suggest that despite challenges such as limited availability ,high prices ,and small size ,real estate agents believe that there is still strong demand for properties within Rockford .