The Boom Years: 1960s-70s Construction
During the 1960s and 1970s, Highland experienced a significant surge in construction activity. Subdivisions sprung up across the landscape, catering to the growing demand for housing. Families flocked to Highland, drawn by its quaint charm, excellent schools, and proximity to major urban centers like Chicago. This era of development laid the foundation for the vibrant community we cherish today.
Challenges of Limited Land Availability
Despite the construction boom of decades past, Highland now faces the reality of limited land availability. The vast majority of available lots have been developed, leaving only a handful of parcels for future construction projects. This scarcity poses a unique challenge in addressing the current inventory shortage, as new construction alone cannot fully meet the demand for housing.
The Unique Case of Hook St
One notable example of this trend is the small subdivision on Hook St. Here, a recent listing priced at $699,500 garnered significant attention, ultimately going under contract in just 39 days. These prices are typically associated with affluent areas like St. John, making this occurrence in Highland exceptionally rare. It underscores the growing demand for housing in our community and the willingness of buyers to invest in its future.
In Conclusion
Highland, like most local communities, are facing inventory issues which is leading to huge affordability problems to many would be homeowners. The millennial buyer pool is significantly larger than any generation we have seen in the recent past, and when they purchase a home, they typically are not adding to inventory because they are first-time home buyers. With the limited land available in Highland, building is not the answer like it is in communities to the South. It may be time to start exploring creative ways for Highland to alleviate some of these housing issues or it may get out of control.