Rockford might be best known for its industrial and manufacturing industry, having garnered the nickname “The Screw City.”
The community of nearly 150,000 residents, Illinois’ fifth largest city, now stands out for another reason.
Rockford ranked No. 1 on Realtor.com’s list of the Hottest Housing Markets in December, surpassing 300 other metro areas across the country.
Listings in the city attracted nearly three times as many viewers on Realtor.com last month than the national average, indicating a high level of buyer interest, according to the popular real estate website. Rockford ranked 98.66 out of 100 on the Market Hotness Index, which uses insights on buyer activity and data on inventory to break down demand and supply dynamics.
Rockford claimed the top spot on the list for the first time ever, squeezing by Manchester, New Hampshire, which has obtained the No. 1 ranking 31 times since the index was started in 2017.
Homes in the city are moving fast, spending around 43 days on the market compared with the national median of 70, according to the website.
“Rockford’s hotness means that high demand is met with low inventory as buyers claim available homes,” Realtor.com senior economic analyst Hannah Jones said in a news release. “This affordable area has seen sustained demand this year as mortgage rates and home prices deter buyers from searching in higher-priced areas.”
This isn’t the first time Rockford has received high marks in the world of real estate.
It topped Wall Street Journal/Realtor.com’s 2024 list of housing markets to watch, which identified the strongest housing markets in the nation with good potential for future growth, the website stated.
from NBC Chicago https://ift.tt/zENvUex
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