By Stephen Nelson
The Village of Bradley’s Community Development Director Bruce Page presented his year-end report at the Monday, January 9, village board meeting. One statistic stood out: New home construction is thriving. Bradley saw a 23 percent increase in new single family home construction when 2022 numbers are compared with the total in 2021.
Director Page said the village is bucking a nationwide trend as reported by the Mortgage Brokers Association, which indicated because of rising interest rates, mortgage activity declined to a 25 year low.
The total of new homes constructed in 2022 was 42, with a total valuation of $9,928,900 and an average price of $232,000. During the past three years, Bradley has boomed with new single family home construction. A total of 94 new homes have been built since 2020 – despite the COVID-19 pandemic and the sudden spike in mortgage interest rates this year. No other community near Bradley has witnessed this type of increase in the new home market.