The 3rd Quarter Housing Market Update For Rockford And Janesville

Are you thinking of buying or selling a home and want to know where the market is headed? In this video, we’re going to examine the numbers of last quarter’s market to get a good idea of what’s to come. We’ll look at both the Illinois and Wisconsin markets in and around Rockford and Janesville so you can make the best decision for your future.

The Market’s 3^rd Quarter Averages

Last quarter in both the Illinois and Wisconsin markets in and around Rockford and Janesville, the markets had begun to shift. In the last three months, we had 722 close sales north of the border in Rock County—which puts us above last quarter. The average list price was $220,000 with an average sold of $224,000, down from the last quarter’s average sales price.

Additionally, the average sales price was about $5,000 above list price in Rock County for the entire quarter. Of the 722 houses sold, 332 were in Janesville and 213 were in Beloit. This means that 75% of the total sales in the entire county took place in these two cities—which is up from the last quarter.

Currently, there are only 220 houses under contract in Rock County. The average days on market was just 13 days, which was below last quarter. That means that the average sale price was 102% of the list price, which is also down from last quarter where homes sold between $150 and $200,000, had market exposure of just 6 days, and sold for 103% of the list price.

Available Homes

The average days on market for active and available homes is 49 days for the South Central Wisconsin Multiple Listing Service. We are starting to see a balanced market, as we have just a few more houses available than under contract. Currently, we have roughly 220 homes available for sale. Let's break that down by a couple of popular areas.

Beloit has 73 homes for sale with an average list price of $206,000 3ith 48 days on market. Janesville has 86 homes for sale with an average list price of $314,000 and 31 days on market. Last quarter was a mixed bag. The market stayed hot in certain price ranges while the highest and lowest price ranges regained some balance.

We are continuing to see more homes come onto the market, along with buyers returning who had previously taken a break from their search. With the market stabilizing it's a great time to jump in and look for your perfect home.

Are We Still In A Seller’s Market?

In the last three months, we had 1,869 close sales, putting us above last quarter. The median days on market for these homes to sell was 5 days, which is equal to last quarter. The average list price was $241,000 and the sold price was $187,000. This means the list-to-sale price was 77.5% compared to 99.6% last quarter.

Additionally, 61% of the 1,869 homes sold were in Winnebago County. We currently have roughly 777 homes available for sale, with the average days on market for active and available homes at 69 on the Northern Illinois Multiple Listing Service. We’ll again break that down by a few popular areas.

In Winnebago County, the average list price is $183,000 with 52 days on a market. Boone County has an average list price of $342,000 with 56 days on market. We are still in a seller's market, with just over 200 more houses under contract than what's available.

A Competitive Quarter And What’s To Come

The last quarter continued to be a very competitive market for home buyers. It was important to be quick to get into appropriately priced homes and be ready to write a competitive offer as fast as possible.

We saw more buyers reenter the market who had paused their home search during the summer or from buyer's fatigue. From the average list price to sold price sales data, it tells us that buyers are starting to show more dominance in the market and are not biting on overpriced homes.

So what do we have coming up, and what are some things to think about south of the border? We're likely to see more inventory and more multiple offers as pricing continues to realign with market conditions. Average days on market will likely continue to rise. It's also expected that interest rates may slightly increase as well by the end of the year.

Making Your Move

As you can see, the market has been unlike anything that we've seen in the last 4 to 5 years. If you have any questions about the current market or are thinking about making a move, feel free to reach out to us today and we'd love to talk to you.

I also want to thank you for your continued referrals. They're the lifeblood of our business, and they keep us going. Don’t forget to also subscribe to my channel so you never miss an episode of my show. Stay tuned to see what I feature next!