New construction in the Chicagoland area has been on the rise this year, and new numbers indicate that the metro area's housing market has all but recovered from the deep freeze of the Great Recession. Chicago Agent Magazine recently highlighted a report from MetroStudy that shows that new residential construction is at the highest level that it has been since the third quarter of 2008. In the last 12 months, developer have started or completed the construction of 6,143 new residences — specifically single family homes, townhouses and duplexes. This marks a 7.6 percent increase over the same 12 month period ending in Q3 of 2014. Demand for new single family homes and condos has been high in the Chicagoland area as inventory remains low. And with the new rental market becoming increasingly saturated, more developers are looking to build new single family homes, townhouses and condos.
·Chicagoland New Construction at Highest Level Since 2008 [Chicago Agent Mag]
·Market Reports [Curbed Chicago]
·The Numbers [Curbed Chicago]