Illinois Homebuyers Seek Affordability in Wisconsin

Bob Triplett has a front-row seat to the housing boom sweeping the Lake County/Kenosha County metro area.

Home prices in the region are up 11.1 percent since the beginning of last year, Crain’s reported, citing a report from the Federal Housing Finance Agency. As a Keller Williams North Shore West agent, Triplett has directly observed the rising prices.

The Lake County/Kenosha County metro, straddling northeast Illinois and southeast Wisconsin, ranks fourth among 100 U.S. metros for price growth, trailing only Honolulu, Anaheim, California, and Newark, New Jersey. Nationally, prices grew just 4.5 percent, the slowest pace since 2014.

Demand is the main source fueling the spike, Triplett said. Illinois buyers are flocking to southern Wisconsin, drawn by lower property and sales taxes, cheaper gas and less traffic, he said.

In late December, he represented buyers in a $625,000 deal for a six-bedroom house on nearly half an acre along 38th Avenue in Kenosha. Agents in Lake County are also noticing a market shift. Jamie Roth of Engel & Volkers pointed to rising demand for value-add properties in the suburbs.

“You might pay more in real estate taxes, but the house is going to cost less pound-for-pound than a similar location in Cook County,” he said.

The increase was not confined to Lake and Kenosha counties. Prices rose 7.58 percent in the Chicago metro area, well above the national average. Among the 10 largest metro areas, Chicago’s home price growth was second only to New York’s, which reported a 7.84 percent increase.

Chicago’s growth dwarfed cities like Phoenix and Washington, D.C., aligning with S&P CoreLogic Case-Shiller Indices showing New York and Chicago topping major markets.

— Andrew Terrell