If you’ve been thinking about buying or selling a home, you’ve probably noticed something—it’s harder to find the right home.
That’s not just happening here locally. It’s happening across Illinois.
At Illinois REALTORS® Lobby Day, that issue took center stage—and according to Governor J.B. Pritzker, it’s one of the biggest challenges facing Illinois right now.
Quick Take
Illinois is short over 140,000 homes and needs 225,000 more in the next five years to keep up with demand. Governor J.B. Pritzker outlined the issue at Lobby Day—here’s what it means for buyers and sellers locally.
What Governor Pritzker Had to Say
During his remarks, Governor Pritzker didn’t sugarcoat the situation. Here’s how he described what’s happening:
“Illinois needs more housing.
– Governor J.B. Pritzker
Every real estate agent, every developer, tenant, business owner—anybody on the street—will tell you that supply is too low, interest rates are too slow coming down, prices are too high, and our people and communities are feeling the pain of this.
Too many people are locked out of the American dream… You have motivated, qualified buyers that simply cannot find housing at a price they can afford.”
The Reality of Illinois Housing
To put it simply:
- Housing inventory in Illinois has dropped 64%
- The state is currently short over 142,000 homes
- We need to build 225,000+ homes in the next five years just to keep up
At the same time:
- Interest rates have slowed buyer momentum
- Prices remain elevated due to limited supply
- Population growth is putting additional pressure on housing
All of this creates a ripple effect—not just for buyers and sellers, but for the overall economy.
What’s Causing This?
According to the Governor, this isn’t just about demand—it’s about barriers to building.
Some of the biggest challenges include:
- Restrictive local regulations
- Zoning limitations
- Delays in permitting
- Limited housing types in certain areas
In many cases, developers are ready to build, buyers are ready to buy…
but the process itself is slowing everything down.
The Plan to Fix It
To address this, the state has introduced the “Build Illinois” plan—a comprehensive initiative focused on:
- Making it easier and faster to build homes
- Reducing unnecessary regulatory barriers
- Expanding housing options (including “missing middle” housing)
- Providing funding support for development
The goal is simple:
➡️ Increase supply
➡️ Improve affordability
➡️ Support long-term economic growth
What This Means for Central Illinois
While a lot of these conversations happen at the state level, the impact is very real here at home.
In Champaign County and surrounding areas, we’re seeing:
- Limited inventory driving competition
- Homes selling quickly (often with multiple offers)
- Prices staying strong due to supply constraints
Even as market conditions shift, inventory continues to be one of the biggest factors shaping our local market.
Why This Matters for Our Local Market
Even in strong markets like Champaign, Mahomet, Urbana, and Savoy, the same challenges apply:
- Buyers are competing for fewer available homes
- Some are adjusting expectations or waiting longer to find the right fit
- Sellers are navigating both opportunity and uncertainty
This is no longer just a market cycle—it’s a supply issue.
Caption:
Jeff Baker, CEO of Illinois REALTORS®, greets Governor J.B. Pritzker at Illinois REALTORS® Lobby Day in Springfield.
Photos courtesy of Illinois REALTORS®
Caption:
Governor J.B. Pritzker speaks with Illinois REALTORS® CEO Jeff Baker and President Jeff Kolbus during Lobby Day in Springfield.
Photos courtesy of Illinois REALTORS®.
What It Means for You
If you’re a buyer:
- Fewer homes = more competition
- Strategy matters more than ever
If you’re a seller:
- Low inventory can work in your favor when selling
- But it can also create challenges when trying to buy your next home at the same time
- That’s where having a clear plan and strategy becomes critical
Final Thoughts
One thing that stood out to me at Lobby Day is this:
This isn’t just about policy.
It’s about people.
It’s about whether families can afford to buy their first home.
Whether communities can continue to grow.
And whether the next generation has access to the same opportunities many of us had.
And right now, housing is at the center of that conversation.
Related Posts
If you want a deeper look at what Illinois leaders are saying about housing—and what it means for you locally—explore the full series:
- Main Lobby Day Blog
- What Speaker Chris Welch Said About Housing
- What Former Congressman Adam Kinzinger Said About Advocacy
- What Jeff Baker Said About Housing
Helpful Resources
If you’re interested in learning more about Illinois REALTORS advocacy and the BUILD plan legislation, click link below:
Illinois REALTORS and JB Pritzker’s BUILD plan
About the Author:
Jayme Ahlden is a REALTOR® Broker with Coldwell Banker Real Estate Group, serving Mahomet, Champaign, Urbana, Savoy, and surrounding Central Illinois communities. Jayme focuses on education-first guidance and helping clients navigate complex real estate decisions with clarity and confidence.
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