Three of the ‘Hottest’ US Housing Markets Are in Illinois
There is significant demand for homes across various locations. However, the housing market in three Illinois cities stands out for its strength at present. According to a recent report by 24/7 Wall St., which highlighted the “hottest housing markets in America” for the 2024 calendar year, Illinois is home to three of the top 30 markets, with one of them ranking among the Top 5.
According to Fox News, 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.
