Dennis RodkinCrain’s Chicago BusinessFebruary 8, 2024 Credit: Re/Max Ultimate ProfessionalsBuyers paid a little under $570,000 in October for this five-bedroom house on Amarillo Boulevard at Lennar’s Elgin development called the Ponds of Stony Creek, one of the region’s biggest sellers of new construction homes in 2023. The super-low inventory of resale homes helped turn buyers […]
Tracy Cross & Associates, Inc.4th Quarter 2023 Builders in the Chicago metropolitan region sold over 5,000 new homes in 2023 for just the second time in the last 15 years. With 5,046 net contracts written during the most recent 12-month period, sales were up 16.3 percent compared to the 4,338 units sold in 2022 and […]
Dennis RodkinCrain’s Chicago BusinessNovember 06, 2023 Credit: Twin Vines Real Estate Services This new house on Lucent Lane in Naperville sold in October for just under $681,000. Four times in recent months, real estate agent Nikit Tailor’s clients have switched from looking for an existing home to buy to shopping the new-construction offerings, and all […]
Dennis RodkinCrain’s Chicago BusinessJuly 31, 2023 Credit: Re/Max ImpactThis house on Prospect Drive in Beechen & Dill’s Copper Ridge development in Lemont is for sale at just under $790,000. Chicago-area builders sold more new homes this spring than they have since 2008, thanks in large part to the paucity of existing homes for sale, according […]
Dennis RodkinCrain’s Chicago BusinessFebruary 22, 2023 When he announced his retirement from the pulpit of his 10,000-seat church on 114th Street in January, the Rev. James Meeks told the congregation how he plans to spend his retirement years: building homes in the neighborhood. A few weeks later, as Meeks stood on the corner of 118th […]
Dennis RodkinCrain’s Chicago BusinessJanuary 30, 2023 This house in Ivanhoe, a DR Horton development in Manhattan, Illinois, sold for $434,990 in November. Sales of new homes in the Chicago area dropped to their lowest total in 12 years in the fourth quarter of 2022, according to a new report. Builders sold 677 homes in the […]
Most of the local industry got caught flat-footed in 2020, with little product in the pipeline because sales had been dismal for a decade. Dennis RodkinCrain’s Chicago BusinessOctober 19, 2022 A couple of years ago, a national homebuilder exited the long-sluggish Chicago market, selling its 232 suburban lots to another firm and telling Crain’s it […]
Buyers are paying more per square foot than ever. Dennis RodkinCrain’s Chicago BusinessJuly 28, 2022 Buyers paid a little over $508,000 for this newly built four-bedroom house on Ivy Lane in the Tall Oaks subdivision in Elgin. The price of new Chicago-area homes reached a record in the second quarter, pushed up by short supply […]
One of the biggest real estate trends—building single-family houses and townhomes for rent—is coming to Oswego, where a Texas developer is getting started on a 178-unit project. Alby GallunCrain’s Chicago BusinessJune 20, 2022 A Texas developer has scored a $66 million construction loan for a rental townhome project in Oswego, a housing type that’s popping […]
The price increases since early 2021 are the biggest in at least 15 years, a response to both demand and the rising costs of supplies and labor. Dennis RodkinCrain’s Chicago BusinessMay 02, 2022 Prices of new houses in the Chicago area rose by an average of $50,000 in the past year, largely because of voracious […]