How Has Remote Work Changed Homebuying in Northern Illinois?

Are you a remote worker dreaming of more space and a quieter environment? You’re not alone! The rise of remote work has significantly impacted homebuyers in Chicago and Northern Illinois, leading to some fascinating trends and changes in the housing market. Even with many people returning to the office, the trend seems to be a hybrid approach that only requires office visits weekly or monthly.

This begs the question “if I only have to go into the city once in a while, why not enjoy my surroundings the rest of the time?” As long as you have quick access to I-90, I-94, 290, or a Metra stop, you can basically live anywhere throughout Chicagoland. Let’s dive into how this shift is reshaping the way people buy homes in this region:

Shift to Suburban and Rural Areas

With the newfound flexibility to work from anywhere, many homebuyers are moving away from urban centers like Chicago to suburban and rural areas in Northern Illinois. This shift is driven by the desire for more space, both indoors and outdoors, which tends to be more affordable and available as you move further away from the lakefront. According to a report by the Economic Innovation Group, this trend is not just a temporary blip but a significant shift in housing preferences.

Increased Demand for Larger Homes

Remote work has increased the demand for larger homes with dedicated office spaces. Homebuyers are looking for properties that can accommodate home offices, which has led to a surge in the market for single-family homes with extra rooms or finished basements. This demand is reflected in the National Association of Realtors’ findings that show a growing preference for homes with more square footage and flexible spaces. Even when only being used for a few days a week, dedicated home office spaces have become more and more prominent in buyers’ preference lists.

Rising Home Prices

The increased demand for suburban and rural homes has driven up prices in these areas. Northern Illinois has seen a significant rise in home prices as more people seek to escape the city for more spacious living environments. This trend has made it more challenging for first-time homebuyers to enter the market. For a deeper dive into how this is affecting your local market, contact Cyndi Dumontelle to request a market report with data about your desired town. You can also use the Move Meter in the menu above to compare data about two towns you might be considering.

Enhanced Home Features

Buyers are prioritizing homes with features that support remote work and comfortable living. High-speed internet, home offices, and outdoor spaces have become key selling points. Homes with these features are selling faster and often at higher prices. The Home Improvement Research Institute notes that these features are now top priorities for many buyers.

Changes in Housing Supply

The surge in demand has also affected housing supply. Builders and developers are focusing more on constructing homes that cater to the needs of remote workers. This includes homes with open floor plans, multiple office spaces, and enhanced technological infrastructure. This shift is evident in the latest construction trends reported by the U.S. Census Bureau.

Conclusion

The remote work trend has reshaped the housing market in Chicago and Northeastern Illinois, making suburban and rural areas more desirable and driving up home prices. Homebuyers are seeking larger, more functional homes that can accommodate their new work-from-home lifestyles. As this trend continues, it will be interesting to see how the market adapts and evolves.

So, if you’re a remote worker, or working hybrid, and are looking to make a move, now might be the perfect time to find your dream home in a more rural or suburban setting outside of Chicago proper.  Just remember, while you’re enjoying your new spacious home office, don’t forget to take a break and enjoy the extra room for activities! 🏡💻

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