Key facts
- Illinois REALTORS has launched the Housing Supply Accelerator Program to address local barriers to home construction.
- The program aims to help communities identify and fix issues hindering faster building.
- Illinois faces a severe housing shortage, building fewer new homes per capita than most states.
- A previous statewide housing package, Governor Pritzker's Building Up Illinois Developments plan, stalled in the legislature.
- The initiative is a local alternative to statewide zoning mandates.
Illinois REALTORS, the state's largest real estate trade group, is rolling out its own initiative to address the severe housing shortage after a larger statewide housing package stalled in the legislature. The group's Housing Supply Accelerator Program aims to work directly with local governments, builders, lenders, and community leaders to identify and remove barriers to faster home construction.
Illinois faces one of the weakest new-home development rates in the country, building fewer homes per capita than neighboring states. A 2024 study indicated a shortage of 142,000 housing units, with a need to add approximately 227,000 homes by 2030 to meet demand. This shortfall has led to a significant increase in home values, with Chicago's median sale price rising 35% since before the pandemic and smaller markets like Carbondale seeing a 48% increase.
Illinois REALTORS had initially put its plan on hold to support Governor J.B. Pritzker's 'Building Up Illinois Developments' plan. However, with that plan stalled, the REALTORS group is now proceeding with its local-focused approach. This strategy is designed as an alternative to statewide zoning mandates, which have been implemented in states like California, Texas, and Florida.
CEO Jeff Baker emphasized that the housing supply crisis is a long-standing issue, noted as far back as the beginning of COVID-19. He argued that the problem is not a lack of demand but a critical shortage of supply. The accelerator program provides a "roadmap" for communities to address these issues, and Baker suggested that if local efforts do not yield significant improvements within the next 10 to 15 months, there will be increased calls for statewide action.