ROCKFORD (WREX) – It’s a sellers market, according to Rockford Area Realtors.
Rockford Area Realtors gave the annual state of the union address at Forest Hills Country Club Thursday night. They said there are pros and cons to Rockford’s housing market.
One negative aspect is the lack of new construction. Realtors said if home prices continue to improve, it could jump start more construction.
The CEO of Rockford Realtor Association said the efforts to improve Rockford’s economy are working and it’s translating over to the housing market as well.
“It’s almost like inventory is flying off the shelves at this point in time. It’s certainly a seller’s market. Our price recovery’s been phenomenal. And we’re almost within a few points of where we were in the peak in 2006,” Steve Bois said.
He said the momentum is going in the right direction, and more commercial development is coming to the area, which in turn helps grow the housing market.