Prepare For Dramatic Market Updates This Summer

The last year had a profound influence on the real estate market around the world and here in the Rockford area. As you may know, in our local area, we are experiencing a severe inventory shortage. This has been great for sellers looking to make the highest profit on their homes, but has left buyers concerned they won’t be able to find a home to purchase or will be paying exceptionally high prices.

However, the inventory shortage did not slow the market. In fact, from January 1st through today, 1,983 homes were sold. That’s 80 more homes than were sold in the same time period in both 2019 and 2020. Similarly, compared to 2020, the average price increased $24,729 and the average time on market shrunk by 25 days!

Luckily for buyers, inventory is beginning to quickly increase. In the last month, inventory increased by 165 homes — a 62% increase! That means buyers have more to choose from and sellers may not be able to enjoy record high sales prices for much longer.

There are currently 442 homes available in the local market.

The average time on market is 28 days (or 16 days if you work with Sold On Toni)

Want more information about the local real estate market? Give us a call. We want to empower you to make smart real estate decisions!