Illinois REALTORS targets local barriers to building more housing
Active listings fell 64% in 5 years, permits dropped 13%, and prices rose statewide
The Illinois REALTORS' push to address local barriers to building more housing is a crucial step in addressing the state's housing shortage. With active listings plummeting 64% over the past five years, it's clear that the current market is heavily favoring sellers, leading to increased prices statewide. This trend is likely to continue unless more housing stock is brought online.
The 13% drop in permits is particularly concerning, as it suggests that local regulatory barriers or other issues are hindering developers' ability to build new housing. This not only exacerbates the existing shortage but also limits opportunities for would-be buyers and renters. For the construction industry, this means a continued strong demand for services, but also an urgent need to address these barriers and streamline the development process.
As the industry watches, the key will be to see whether Illinois REALTORS' efforts can lead to meaningful changes at the local level. Will policymakers be able to identify and address the specific barriers holding back new construction? And what impact will any changes have on housing production and, ultimately, affordability? Construction firms and developers will be closely monitoring these developments, as they have a direct stake in the outcome and a role to play in shaping the state's housing future.
Originally reported by housingwire.com. ConstructionNews adds analysis for real estate & property readers.