CHICAGO (WBBM NEWSRADIO) -- New-construction home sales in Chicago dropped to their lowest levels in a quarter-century last year, while the market hit a 12-year high in the suburbs.
Analysts say it’s evidence of a general shift to the suburbs, both because of the COVID-19 pandemic and prices.
Only 219 newly built homes were sold in Chicago last year. That was more than a third fewer than the year before, according to a report by the consulting firm of Tracy Cross & Associates.
It is also the lowest for the city dating back to 1995.
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But, in the suburbs, nearly 4,700 new homes sold in 2020, an increase of 23.3 percent from 2019. It’s the highest figure since 2008.
According to Crain’s Chicago Business, combined, city and suburban sales totaled 4,895 in 2020, an increase of 17.1 percent over 2019. It’s the highest number of new home sales in the region since 2008.