Seen as an abrupt and momentous turnaround from conditions just a decade ago, the Wall Street Journal has named Rockford, Ill. as the nation’s top housing market in April 2024.
Rockford was ranked atop the WSJ/Realtor.com Housing Market Ranking, leading a group of primarily Midwestern cities making up the top 10.
Coming just behind Rockford to close out the top five was the Canton-Massillon area in Ohio, Ann Arbor, Mich., Akron, Ohio and Springfield, Mo.
Other Midwest cities cracking the top 10 include Fort Wayne, Ind. at No. 6 and Columbus, Ohio at No. 8.
Rockford’s high praise was attributed to its large array of affordable housing alongside growing industries in healthcare, aerospace and logistics.
Another draw to the northern Illinois city is a central location, just around 90 miles away from both Milwaukee and Chicago, with a train line connecting Rockford to the latter slated to open in a few years.
The growth in nearby industries has helped contribute to soaring median home prices, with the average home in the Rockford area being listed for $235,000 in March, up 51.7% from its price a year ago, according to the Wall Street Journal.
Another factor the publication lists as a benefit to Rockford and Midwest cities as a whole was a smaller likelihood of encountering a natural disaster.
According to the Wall Street Journal, surveys show that wildfires, floods and hurricanes along with their subsequent insurance costs have emerged as a growing concern among potential homebuyers.
The publication points out a stark contrast between now and a decade ago in Rockford, with nearly one-third of the area’s mortgages were for homes worth less money than what was owed on them.
Despite the fact that the area’s population has barely shifted since the 2020 census, a shortage on Rockford’s housing market has developed, with the WSJ referring to one couple that had made around 14 offers before finding a home in the city’s Machesney Park neighborhood.
While home prices have soared and availability has plummeted, median home prices in Rockford remained the second-lowest of any city in the ranking’s top 10, only behind Akron’s median price of $212,500.