Metropolitan Statistical Area (MSA):
Rockford, IL is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Rockford, IL metropolitan statistical area (MSA) has been hit hard by the housing market crash of 2008. However, there are signs that the market is beginning to rebound. Home sales in the MSA increased by 9.4% in 2012, and prices have begun to stabilize after years of decline.
One of the most encouraging trends is the increasing number of first-time home buyers in the market. In 2012, first-time buyers accounted for 29% of all home sales in the MSA, up from 25% in 2011. This is a positive sign for the future of the housing market in Rockford as these buyers are typically more likely to move up to a larger home as their families grow.
Another trend that is helping to boost the housing market in Rockford is an increase in investment activity from out-of-state buyers. These investors are often attracted to markets like Rockford because they can find good deals on properties that are below market value. This activity helps to create jobs and spur economic growth in addition to providing much needed inventory for buyers looking for a home.
Overall, it appears that the housing market in Rockford is slowly but surely beginning to recover from the devastating effects of the recession. With increasing sales and prices stabilizing, now may be a good time for those considering purchasing a home in Rockford to make their move.