Rockford, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Rockford, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Rockford Housing Market Information

With a population of 147,051, 58,939 total housing units (homes and apartments), and a median house value of $87,626, house prices in Rockford are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in Rockford, accounting for 61.02% of the city's housing units. Other types of housing that are prevalent in Rockford include duplexes, homes converted to apartments or other small apartment buildings ( 17.39%), large apartment complexes or high rise apartments ( 16.26%), and a few row houses and other attached homes ( 4.67%).

The most prevalent building size and type in Rockford are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.90% owning and 46.10% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Rockford's housing was primarily built during this period, from the '40s through the '60s. A full 41.22% of the city's housing hails from this era. Other housing ages represented in Rockford include homes built between 1970-1999 ( 30.31%) and housing constructed before 1939 ( 21.49%). There's also some housing in Rockford built between 2000 and later ( 6.98%).

Vacant housing appears to be an issue in Rockford. Fully 11.13% of the housing stock is classified as vacant. Left unchecked, vacant Rockford homes and apartments can be a drag on the real estate market, holding Rockford real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Rockford Home Appreciation Rates

Homes have actually lost value in Rockford over the last then years, as home values have seen a decline of 19.87% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Rockford home appreciation rates at -0.39%, which equates to an annual appreciation rate of -1.55%.

Appreciation rates are so strong in Rockford that despite a nationwide downturn in the housing market, Rockford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rockford appreciation rates continue to be some of the highest in America, at 6.49%, which is higher than appreciation rates in 70.71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rockford. Rockford appreciation rates in the latest quarter were at -0.39%, which equates to an annual appreciation rate of -1.55%.

Notably, Rockford's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Rockford's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rockford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rockford - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rockford real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$87,626

Rockford, IL HOME PRICES

Value Range
> $1,106,000 0.2
$829,001 - $1,106,000 0.0
$553,001 - $829,000 0.7
$442,001 - $553,000 0.4
$331,001 - $442,000 1.2
$221,001 - $331,000 6.0
$110,001 - $221,000 33.7
$55,001 - $110,000 43.4
$0 - $55,000 14.2

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
89.5649635036496 85.0632911392405

Number Of Homes And Apartments:
58,939

Rockford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
-0.79% -0.04%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$908 / per month

Homeownership Rate

Homeownership
Owners 53.90
Renters 46.10
Vacant 11.13

Housing Market Details

 

Age of Homes

AGE OF Rockford HOMES
2000 or Newer 7.0
1970 - 1999 30.3
1940 - 1969 41.2
1939 or Older 21.5

Types of Homes

TYPE OF Rockford HOMES
Single-Family 61.0
Townhomes 4.7
Small Apt. Buildings 17.4
Apt. Complexes 16.3
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Rockford HOMES
No Bedroom 2.97
1 Bedroom 11.91
2 Bedrooms 32.43
3 Bedrooms 36.43
4 Bedrooms 13.33
5 or more bedrooms 2.93