One source suggests affordable housing plus job opportunities means Rockford has a lively real estate market:

ROCKFORD — The city is now home to the top real estate market in the country, according to a new ranking released Thursday by the Wall Street Journal and Realtor.com.

The housing market ranking evaluates the real estate market and economic health of the 200 most populous metro areas in the country. The Rockford metro area was the only one in Illinois to crack the Top 50. Peoria landed at 59.

“It’s a great validation of what we’re seeing locally in the market with our year-over-year price increases, hitting our record highs,” said Conor Brown, CEO of the NorthWest Illinois Alliance of Realtors. “We know we’re such an affordable market, but we have seen an influx of people from Chicagoland and elsewhere coming into the market being so impressed with how much they can buy, and they’re really helping drive the prices.”

The new report is a major turnaround from one released by the Wall Street Journal a decade ago, when Rockford was declared the underwater mortgage capital of America. At that time, about 32% of the metro area’s homes were valued at less than the money owed on the mortgage.

Now, the city is being praised for an affordable housing stock and growing health care, aerospace and logistics industries.

Several things strike me as interesting in this ranking and reaction:

1. An important part of the story is that the city/real estate market was not doing well not too long ago. This is not just about things improving; it is also about coming back from challenges.
2. Increasing housing prices is seen as a good sign. Do these rising prices also make it more difficult for some to find housing?
3. Missing from this story is any mention of the population. Rockford’s population is roughly flat over the last two decades. Is Rockford growing? Or growing in certain areas (like particular sectors or neighborhoods or communities)?
4. Proximity to Chicago appears to be a positive factor. Do these people commute to the Chicago region or need to be in the office infrequently? Is Rockford seeing an influx of remote workers?
5. How long can such a streak continue? Rockford can have the hottest market at the moment but it could be surpassed by other places or the local market could cool off. What does the narrative become then?