The Vice President, Strategic Growth of Coldwell Banker Realty Naperville, John Carlson, stopped by the blog to give us the latest update on Naperville’s housing market and the Naperville Housing Market Trends Report for July 2022.
August 2022 Housing Market Report for Naperville, Illinois
As the rest of the Real Estate world is beginning to build housing inventory, Naperville is bucking the trend. The Month’s Supply of Inventory remains at 1 MSI, which has been consistent overly the last few months. The most active price range is between $601k-$750k which has seen 41 homes go to pending in August 2022. August 2022 closings of attached and detached homes were 267, down 23.7% from August 2021, when 350 homes closed. Total closings for 2022 are running 24.8% behind last years totals, and this is directly tied to a lack of salable homes.
The average sales price for closed homes was $550,738, up 4.1% from $528,838 in August of 2021. The market time for homes to sell is 15 days on market, almost the same as 14 DOM for August 2021. The selling price per square foot in August 2022 was $218 per square foot compared to $196 price per square foot in August 2021—an increase of 11.6% year over year. The selling price versus list price ratio is a healthy 99.8%, meaning the sellers are still getting their price, with little negotiation for the buyer.
With mortgage rates on the rise, find a house—you can always refinance the home if/when the mortgage rates decrease. If you are selling, this is the time to sell—strike when inventory is low and prices are high! This is a hard Real Estate market to predict—but you know what is available today—so hedge inflation, fix your costs, and buy a house—still one of the best investments you can ever make.
For more information, click here to download the Full Market Report.
Click here to download the Market Report by Price Point.
Ready to buy or sell your home? Contact The Ville Team today at (630) 420-8834.
Click here to see previous Naperville Housing Marketing Reports.