Markets & Economy

Chicago metro inventory doesn’t seem to be on the way up

Single-family starts concentrated primarily in the suburbs of Chicago.
  • The volume of single-family construction permits pulled in the metro dropped by 6.6 percent on a year-over-year basis during the second quarter
  • Wilmette, Northbrook, Deerfield and Highland Park will see an increase in home construction
  • Chicago's remodeling industry is nearly 60 percent recovered from the housing bust

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The Chicago-Naperville-Elgin metro area is 27.5 percent recovered from the housing bust, according to a BuildZoom and Urban Economics Lab index. Recent data indicates that full recovery is a ways off, as the the volume of single-family construction permits pulled in the metro dropped by 6.6 percent on a year-over-year basis during the second quarter. However, the metro, which has a population of nearly 10 million, will be a focal point for a consortium of homebuilders moving forward. These builders are likely to concentrate on suburban locales within the metro. Texas-based homebuilder David Weekley Homes expects to complete 100 suburban-located homes next year. The company has recently purchased lots in high-end northern suburbs, including Wilmette, Northbrook, Deerfield and Highland Park. M/I Homes and Chicago-based Lexington Homes are also expected to be active. The latter has proposed a 29-story tower close to the Near North Side in a partnership with a local d...