Chicago, suburbs trail nation in new home construction: Census

Metro area increased 3.9% in 10 years; home prices rising

Chicago /
Aug.August 16, 2021 02:03 PM
Chicago, suburbs lags nation in new home construction: Census

(iStock)

Newly released census data shows the number of new homes in the Chicago metro area rose just 3.9 percent in the last decade.

By comparison, the number of new homes nationwide increased by 6.7 percent in the same 2010 to 2020 period, according to the Chicago Tribune.

Statewide, housing units increased by 2.4 percent, but 72 counties in Illinois lost units over the decade. Illinois was one of just three states nationwide to see a population decrease.

In Chicago, the population increased by 50,000 people over the same 10-year period. The housing market is tightening, and with inventory shrinking, home prices are rising.

In the spring, Chicago home prices had ticked up 9.9 percent, which marked the biggest increase for the month in seven years. That mark still trailed other major metros around the country, as nationwide home prices rose 14.6 percent over the same period.

In March, more than 18,000 homes in the area went into contract, the highest monthly total in 13 years of tracking by Midwest Real Estate Data. The surge was attributed in part to low mortgage rates.

But as of December, there were only enough homes to sustain 1.8 months worth of sales, the lowest inventory in 13 years of tracking. Typically, a four-to-six month supply of homes on the market is indicative of a healthy housing market.

[Tribune] — Holden Walter-Warner






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