While home affordability remains an issue nationwide, Illinois buyers may feel a bit more freedom. A new study revealed that Illinois is the state where buying a house is the least expensive.

Despite solid demand, a dearth of homes for sale kept transaction numbers muted in the association’s most recent report on pending sales. 

A shortage of existing inventory continues to drive buyers to new construction. 

Ronald J. Benach has died following a 60-plus-year homebuilding career which saw the creation of more than 50,000 Chicagoland homes.

Chicago’s average monthly rent payment is $1,874, while the average monthly mortgage payment — with a 6.8% mortgage rate — is $1,828.

Home sales are down and time on market is up in the Chicago suburbs. But according to the Mainstreet Organization of REALTORS®, this is only “part of the picture.”

Sam Zell, the billionaire businessman who founded Equity Group Investments (EGI), died Thursday at his home due to complications from a recent illness, the company announced. He was 81.

Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.

The hire follows the December 2022 firing of the homebuilder’s senior vice president for field operations, who had been tapped to become COO on Jan. 1. 

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

One organization working to combat LGBTQ+ youth housing insecurity in Chicago is The Night Ministry.

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported. 

Realtors will be required to complete two hours of training every three years beginning in 2025. 

Chicago’s April average home value rose from March as pending sales stayed flat and new inventory fell.

The mortgage industry decried the proposed loan-level pricing adjustment for borrowers with higher debt-to-income ratios. 

A recent study used MLS data from 200 U.S. cities to determine which city offers the most square footage for $1,500 per month.