Archives April 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:

1. Rockford, Illinois
2. Canton-Massillon, Ohio
3. Ann Arbor, Michigan
4. Akron, Ohio
5. Springfield, Missouri
6. Fort Wayne, Indiana
7. Manchester-Nashua, New Hampshire
8. Columbus, Ohio
9. Kingsport-Bristol-Bristol, Tenn.-Va.
10. 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.

Distress reared its head in Texas last year, and foreclosures are skyrocketing.

In March, commercial foreclosures in the state increased by 129 percent year-over-year and 31 percent from the previous month, Bisnow reported, citing property data company Attom Data Solutions. California, New York and Florida were the only states with more foreclosures last month.

Commercial foreclosures in Texas totaled 55 last month, following 42 in February and 56 in January. Nationwide, there were 625 in March, up 117 percent year-over-year and 6 percent month-over-month. 

There’s been a gradual uptick in commercial foreclosures since spring 2020, when pandemic-related moratoriums and financial aid safeguarded property owners. But with these measures now largely unavailable, landlords are facing a harsh reality.

Foreclosures and other signs of distress have been especially apparent in the office sector, which continues to get hammered by the remote-work movement that’s driving up vacancies and available sublease space to historic highs. Foreclosures are on the rise across all asset classes, though. 

 Office vacancies in Texas’ major metros were among the highest in the nation to start the year, according to the report. Notable foreclosure cases this year involve the iconic Oil & Gas Building in downtown Fort Worth, the Scanlan Building in downtown Houston and the office building at 211 North Ervay Street in downtown Dallas.

Multifamily foreclosures have been most evident in Houston and San Antonio markets, with syndicators Applesway Investment Group and GVA being on the wrong side of numerous cases.