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Home price gains leveled off in 2017

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Home price gains leveled off in 2017

ROCKFORD – Home prices in Winnebago County continued a 3 1/2-year winning streak in 2017, but the gains slowed significantly.

According to data from the Illinois Association of Realtors, the median home price in Winnebago County was up year-over-year in every quarter of 2017. That extended the streak of rising home prices to 14 straight quarters as the local real estate market continues its long climb back to the prices before the Great Recession.

In 2016, home prices soared by at least 12.1 percent and as much as 22.9 percent, outpacing the gains in the state every single quarter.

In 2017 though, home prices increased 8.3 percent over 2016 in the first quarter, but they were up just 0.4 percent from 2016 in the fourth quarter. More tellingly, Illinois home price gains topped Winnebago County in every quarter.

The area’s housing market has come a long way from the first quarter of 2014 when 673 homes sold at a median price of $65,000. In the fourth quarter, 997 homes sold for a median price of $104,900. Still, we’re a long ways away from fourth quarter 2006 when 1,616 homes sold for a median price of $129,700.

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