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Market
Most Influential Factor for Sustaining Rockford's Housing Market Growth by 2024 End
4
Resolution / Starting Odds
Affordability • 25%
Job Market • 25%
General Economic Conditions • 25%
External Investment • 25%
Expert analysis in major real estate publications or annual economic reports
Story
Rockford, IL Tops U.S. Housing Market with 52% Price Surge, Supply Up 50%
Apr 27, 2024, 01:08 AM
Rockford, Illinois has been named America's top housing market by the Wall Street Journal, marking a significant turnaround from its previous status as the underwater mortgage capital. The city's property prices surged by 52% over the past year, driven by factors such as affordability, a surge in housing supply of up to 50%, and the attractiveness of its skilled job market, quaint streets, and lush greenery. This resurgence places Rockford among 11 Midwestern metro areas dominating the top 20 in the latest WSJ/Realtor.com Housing Market Ranking, with many sellers slashing prices.
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Drop in mortgage rates • 33%
Improved economic outlook • 33%
Other factors • 34%
Housing prices increase • 33%
Housing prices decrease • 33%
Housing prices remain stable • 34%
Significant increase in participation • 33%
Moderate increase in participation • 33%
No significant change • 33%
Majority first-time buyers • 25%
Majority second home buyers • 25%
Balanced between first-time and second home buyers • 25%
Majority non-local buyers • 25%
Construction • 25%
Real Estate Services • 25%
Retail • 25%
Manufacturing • 25%
Significantly slowed recovery • 33%
Moderately affected recovery • 34%
Minimal impact on recovery • 33%
Increase in home sales • 33%
Decrease in home sales • 33%
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Interest rate decisions • 25%
Corporate earnings • 25%
Inflation rates • 25%
Global economic conditions • 25%
Top agencies gain market share • 25%
Top agencies lose market share • 25%
No significant change • 25%
Smaller agencies gain market share • 25%
Top 5 in Midwest • 25%
Top 10 in Midwest • 25%
Top 15 in Midwest • 25%
Remains outside Top 15 • 25%
New homes growth higher • 33%
Existing homes growth higher • 33%
Growth roughly equal • 34%
