Illinois Homestead Market Boom

Written By: Illinois Land Broker, Chase Burns.

In the heart of the Midwest, the Illinois homestead market boom is quietly reshaping the real estate landscape. This movement, once on the fringes, has gained traction over the past decade, reflecting a profound shift in societal values and economic priorities. Illinois has emerged as a hotspot for enthusiasts seeking a slice of rural paradise.

The Rise of the Homestead Movement

The allure of homesteading can be attributed to a confluence of social and economic factors. In an era marked by increasing urbanization and digital saturation, many individuals are seeking refuge in the tranquility of rural life. The rising cost of groceries, restaurant bills, and everything else has made growing your own food at home an appealing option, even to those who had never considered it before. The pandemic further accelerated this trend, as lockdowns prompted a reevaluation of priorities and a yearning for self-sufficiency and independence from the fragility of our nation’s food supply system.

Moreover, rising concerns about food security and sustainability have spurred interest in backyard farming and regenerative agriculture practices. Homesteading offers a holistic solution, allowing individuals to cultivate their own produce, raise livestock ethically, and reduce their environmental footprint.

Desirable Features of Homestead Properties

With the rise in popularity of homesteading comes increased demand for properties suitable for these activities. When it comes to homestead properties, size isn’t everything. In fact, smaller acreages ranging from 3 to 20 acres are in incredibly high demand, offering the perfect balance between manageable land and ample space for self-sufficiency endeavors. These properties often feature a mix of open fields, wooded areas, and access to water sources, providing the ideal canvas for aspiring homesteaders to realize their dreams.

In western Illinois, there has been a steady and prominent increase in the values of well-cared-for, older farmhouses on smaller acreages, especially where serviceable outbuildings are included. They have outpaced most other Illinois real estate assets in terms of rapid appreciation since the 2nd Quarter of 2020. However, they remain affordable for many working-class budgets.

Market Trends and Price Points

In western Illinois, homestead buyers typically gravitate towards properties priced between $100,000 to $450,000, depending on location, acreage, and amenities. While this range may seem broad, it reflects the diversity of offerings within the burgeoning homestead market.

With demand outpacing supply, particularly for smaller acreages, prices have steadily climbed in recent years. However, the investment is often seen as a worthwhile endeavor, offering not just a piece of land but a lifestyle centered around self-reliance and sustainability.

Embracing a Homestead Lifestyle

The homestead movement signifies a return to our roots, both figuratively and literally, as more people seek the fulfillment that comes from a self-sufficient, rural lifestyle.

DO YOU HAVE MORE QUESTIONS ABOUT RURAL REAL ESTATE? – REACH OUT TO CHASE BURNS!

If you are thinking of buying or selling a home on acreage, or a farm, this year, don’t wait! Contact Chase now to set up a consultation visit. Discuss your needs, desired timeline, and let him help you get the best deal. Contact Illinois Land Broker Chase Burns at 309-368-0370.

 

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