Tracy Cross & Associates, Inc. 4th Quarter 2022 Production home builders in the Chicago metropolitan region sold a total of 4,275 new housing units in 2022, a decrease of 22.8 percent from the post-pandemic peak of 5,536 in 2021, and 14.4 percent below the 4,993 new homes sales registered in 2020 during the heart of […]
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 […]
New-home sales have surged in each of the past two years in the Chicago area, despite prices that have also been rising fast. Dennis Rodkin Crain’s Chicago Business February 10, 2022 Jolted out of a decade-long doldrums by a housing boom the pandemic ignited, Chicago-area builders sold more newly built homes last year than in […]
A lack of supply is the culprit, a housing analyst says. Dennis Rodkin Crain’s Chicago Business November 01, 2021 The pandemic put a bounce into sales of new homes in the Chicago area, but builders haven’t been able to keep up with demand, according to a new report. Homebuilders sold 1,067 new houses, townhouses and […]
Prices were up about $45,000, according to a consultant’s survey, but one homebuilder says that’s all taken up by the fast-rising cost of materials. Dennis Rodkin Crain’s Chicago Business August 5, 2021 Local new-home sales in the Chicago area lost much of their early 2021 vigor in the spring, largely because prices jumped as building-material […]