This Illinois city has been named the top housing market of 2024
ROCKFORD, Ill. - The nation's top housing market in 2024 might come as a surprise to some: Rockford, Illinois.
According to the Wall Street Journal and Realtor.com's Housing Market Ranking, Rockford has secured the coveted No. 1 spot.
The city's ascent to the top ranking is attributed to its abundance of affordable housing options and its burgeoning industries in healthcare, aerospace, and logistics. Additionally, its central location, within reasonable distance of major urban centers like Chicago, Milwaukee, and Madison, adds to its allure. A forthcoming direct train line from Rockford to Chicago is expected to further enhance its accessibility.
Rockford's remarkable growth has led to a surge in median home prices, with the average home listing in March reaching $235,000—an increase of nearly 52% compared to the previous year, as reported by the Wall Street Journal. In contrast, the national median listing price stands at $424,900.
Moreover, Rockford stands out favorably against other Midwestern cities due to its lower susceptibility to natural disasters, offering a potential reprieve for homebuyers increasingly concerned about high insurance costs associated with wildfires, floods, and hurricanes.
Social life in Rockford revolves around the scenic Rock River, dividing the city between east and west and serving as the focal point for a vibrant arts and culture scene. The city also boasts an impressive 7,000 acres of parkland and public gardens.
In terms of job opportunities, Rockford's manufacturing sector alone employs over 20,000 individuals, underscoring its robust business environment.
The top 10 housing markets in 2024, as per the Wall Street Journal and Realtor.com rankings, include:
- Rockford, Illinois
- Canton-Massillon, Ohio
- Ann Arbor, Michigan
- Akron, Ohio
- Springfield, Missouri
- Fort Wayne, Indiana
- Manchester-Nashua, New Hampshire
- Columbus, Ohio
- Kingsport-Bristol-Bristol, Tenn.-Va.
- Portland-South Portland, Maine
The rankings take into account various economic and lifestyle factors, including housing supply, housing demand, property taxes, unemployment rates, and proximity to retail and restaurant establishments. Additionally, they consider the risk of extreme weather events such as heatwaves, windstorms, poor air quality, floods, and wildfires over the next three decades.
For the full list and report, click HERE.