What Did The Real Estate Market Do Last Quarter?

Did your home's value increase or decrease in the last three months? In this episode of The Rocky Borders, I’m going to give you a market update for the Wisconsin and Illinois real estate markets in and around the Rockford area. We’ll examine the numbers so you can decide if it’s time for you to make a move.

Real Estate Market On Fire

In the last quarter, both the Wisconsin and Illinois real estate markets in and around the Rockford area have been on fire. There's been a shortage of inventory and no shortage of buyers, which has created a lopsided market. To better understand this, let's look at the numbers.

In the last three months, we had 1,073 close sales, which puts us below the last quarter median. Days on market is 13 days, with an average sale price of $153,793. In the list-to-sale ratio, it holds steady at 98%. We have 803 residential houses and condos pending with 299 houses for sale. This tells us that houses are coming on the market and selling very quickly.

In the last three months, we had 416 close sales, which puts us below the last quarter. The average sale price was $163,364, and a list of sale price of 98.5%. We currently have 222 houses under contract, but only 113 houses available.

Houses Selling Fast

We currently have 299 houses available with an average of 21 days on the market. So when a house comes on the market, you’ve got to see it right away. If you sleep on it, you won't sleep in it. We're starting to see more houses on the market, but inventory is moving quickly. So make sure that you have your pre-approval ready.

The current average days on the market is 18 days. The market in Wisconsin is really hot right now, but we're seeing more houses start to come on. So be prepared to make your highest and best offer.

Some things that you can do to make your home buying experience smoother are getting those pre-approval letters, reducing your contingencies, and not being afraid to just go in with your highest and best offer from the start. Don't assume that the seller is going to allow time to negotiate.

The Future Of The Market

We're expecting to see more houses coming onto the market in the next quarter. However, we're expecting prices to maintain or increase in value with the possible 10% price appreciation over the next year. So if you're considering buying a house, stop thinking, and let's get looking today.

We're continuing to see strong buyer activity with limited inventory exposure. We predict to see more listings hit the market, with prices continuing to increase.

As you can see, the market was continuing to move quickly last quarter. If you have any additional questions about the current market or are thinking about making a move soon, please feel free to reach out to us. And as always, thank you for your referrals. They are the lifeblood of our business and keep us going. Don’t forget to also subscribe to my channel so you never miss an episode of The Rocky Borders!