ROCKFORD, Ill. (WTVO) — Rockford earned the No. 1 spot on Realtor.com’s hottest housing market list in August, sparking a surge of interest from prospective home buyers. Local real estate officials and community advocates report that many of the buyers looking to move to the State Line area are coming from Chicago and Madison.
The influx of interest comes as local housing demand increases across the city. Economic leaders attribute the surge largely to the region’s lower housing costs compared to neighboring metropolitan areas.
Illinois Alliance CEO Conor Brown of Realtors identified housing affordability as the primary driver for prospective buyers looking to move to the region. In August, the median listing price in Rockford was $270,000, compared to $395,000 in Chicago and $471,000 in Madison. “We’re still a relatively affordable housing market when you compared to the average sale price in Illinois or even nationwide. So, it makes it very attractive,” Brown said. “Not only can you find a house in the Rockford area for less money, but you’re getting a lot more value out of it.” Brown also noted the role of new construction in meeting local buyer demand. “New home building certainly helps that, that helps increase our inventory so that there are more options for buyers that are out there,” Brown said…