Value of Rockford housing market surpasses $1 billion

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ROCKFORD, Ill. (WIFR) – It’s a historic time to be a part of the Rockford housing market, as the average home price more than doubles in the last decade.

The Rockford housing market consists of Winnebago Boone and Ogle Counties. Not only did the average home price increase to almost $200,000 in June, but the current market is valued at more than $1 billion.

“This wasn’t only going to be my first home it was going to be my final home,” says homeowner Eva Marcial.

Eva Marcial is a first-time homeowner. Given the current state of the Rockford housing market, she considers herself lucky to land the house she did in December.

“I ran into a friend at an ATM, and she was getting tip for movers and I they go oh, you’re moving and she’s like, yeah, she goes, are you interested in a house? I go actually I am.”

Following a two-year search for the perfect home, Eva toured her friend’s house and knew right away this is the home she wanted.

“I called my realtor put in an offer and they accepted it before it even listed.”

But it wasn’t easy for Eva given a low inventory in the market. In fact, year to year inventory was down 35% in June.

“We’re not yet building new homes at the pace that we should at all,” says Rockford Mayor Tom McNamara. “For many of our residents, the largest investment that they have is in their home.”

McNamara and real estate experts also believe now is a prime time to invest in remodeling or construction for your home, which could increase your home’s property value in the long-run.

“I think the market is then rewarding those citizens who have confidence in their region by seeing that increased rate of return seeing that increase equity in that home which is helping them build wealth,” says McNamara.

“We’re also attracting people from outside of our area that see the value that we bring and what they can get it for their money,” says Northwest Illinois Alliance of Realtors CEO Conor Brown.

McNamara says the city’s done several things to invest in its neighborhoods. This includes a $200 million investment to install an internet cable system in every home and business.

McNamara also hopes something is created to give people incentives for building a new home in Rockford, like waiving fees.

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