ILLINOIS – There’s high demand for homes just about anywhere you’ll look. But for three cities in Illinois, the housing market is especially strong right now.
A new report from 24/7 Wall St. recently named 30 of the “hottest housing markets in America” heading into the 2024 calendar year. Three of the top 30 markets, including one of the Top 5, are based in Illinois.
According to the research team at 24/7 Wall St., the three Ilinois cities considered among the top US housing markets right now are Springfield (25), Peoria (15) and Rockford (4).
All three housing markets are home to anywhere from 100,000 to 150,000 residents. Similar to several markets in the 24/7 Wall St. report, they’re all located within a few hours of a major city (Chicago), but not necessarily next door.
Springfield earned a “hotness” score of 85.91 (out of a possible 100). Their homes spend an average of around 49 days on the market with a median home price of around $169,000. When considering metrics for days on market, demand for Springfield homes increased around 9% last year compared to 2022.
Peoria earned a “hotness” score of 88.43 (out of a possible 100). Their homes spend an average of around 48 days on the market with a median home price of around $150,000. When considering metrics for median price, demand for Peoria homes increased around 8% last year compared to 2022.
Rockford earned a “hotness” score of 98.15 (out of a possible 100). Their homes spend an average of around 40 days on the market with a median home price of around $200,000. When considering metrics for median price, demand for Rockford homes increased around 18% last year compared to 2022.
To rank cities, 24/7 Wall St. used data from Realtor.com and ranked areas based on several measures of supply and demand.
The hottest housing market in America, according to the report, is Rochester, New York.