Rockford Is One of Two Cities in Illinois Showing Growth in Home Values
Finally, good news for Rockford homeowners, but there is a dark side to this good news.
A published report shows that Decatur and Rockford are two Illinois cities with the fastest growing housing markets in the United States. Home values in Rockford (and Decatur) grew more than 12 percent.
- Decatur at 12.3%
- Rockford at 12.4%
Homeowners in the Illinois city have seen their properties appreciate by 12.4% in the past year, with the average house now fetching $122,500.
Sadly, or friends in Springfield, didn't fare to well in the report, as their home values declined by more than 9 percent, which makes them the worst in the United States.
The dark side to this is that EAV's (Equalized assessed values) will also increase, meaning real estate taxes in Rockford most likely will increase by 12%, so Rockford homeowners cal expect to pay more on their property tax bill in upcoming years.