Global Trade, Tariffs, and the U.S. Housing Market with Nadia Evangelou

In this episode of The Chicagoland Guide, Aaron Masliansky is joined by Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors®. They explore how global trade dynamics, tariffs, and macroeconomic shifts are impacting the U.S. housing market — and what that means for Chicagoland.

Nadia shares insights from her latest research, including a closer look at which U.S. states are most reliant on exports and imports and how trade exposure influences job growth and home prices. They also discuss trends in interest rates, inflation, immigration, remote work, and foreign investment — and what signals to watch for in 2025 and beyond.

Key topics:

• How tariffs affect construction costs and home affordability
• Why Illinois and Chicagoland are highly exposed to global trade shifts
• Where mortgage rates might head by the end of 2025
• The growing importance of inventory and affordability for first-time buyers
• Remote work, office absorption, and what’s next for downtown real estate
• How changing immigration and foreign investment patterns could influence the housing market
• Opportunities in the Chicago area condo market

Resources mentioned:

• Nadia’s NAR profile and articles: https://www.nar.realtor/nadia-evangelou
• Blog article discussed: https://www.nar.realtor/blogs/economists-outlook/which-states-rely-most-on-exports-and-imports-a-closer-look-at-the-numbers-behind-trade
• Connect with Nadia on LinkedIn: https://www.linkedin.com/in/nadiaevangelou/ and Instagram: https://www.instagram.com/nadioula/

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