Rockford Home Sale Prices at Highest Level in 8 Years
From our "could you media people please give us some good news for once" department comes the following bit of positive info: last month, home sales prices in Rockford hit their highest level since December of 2008.
The good news/bad news scenario is that the average home in Rockford last month sold for $131,000 (that's the good). However, we're still well below the peak of $147,000 achieved in 2007 before the housing crisis and the Great Recession.
The assessors office says home values across the county are on the rise, up roughly three percent. Rockford home values still lag compared to the rest of the nation but Rockford Area Realtors say if you're thinking about buying, now may be the time.
"It's not for everyone, obviously if you're in a temporary living situation or you're gonna relocate soon. But if you plan on a 5-year stay somewhere, I think it's a very good investment to take a look at right now," said Steve Bois, CEO of Rockford Area Realtors. Bois says a growing number of homes are seeing their values come back to pre-recession levels. At this rate, the housing market in our area will see 100 percent of homes reach their pre-crisis levels in 2025.
I think it's probably better for one's mental health to think about the fact that values and prices are on their way back up, rather than pondering the 17-plus years it will have taken for our area to rebound in 2025 from the meltdown of 2008.