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Joliet experienced the 14th largest increase in housing inventory

While high mortgage rates are a significant barrier for potential home buyers, they do their part to increase housing inventory. The low interest rates and high demand environment of 2020 and 2021 contributed to the significant decline of housing inventory between January 2020 and December 2021, which dropped from nearly 1.3 million to just over 650,000 homes, according to data from Redfin.

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