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 December 2022.
December 2022 Housing Market Report for Naperville, Illinois
So how did the 2022 Real Estate market hold up in Naperville? It depends on perspective. For 2022, total closed of attached and detached homes were 2,321, compared to 3,202 in 2021—a decrease of 27.5%. The average closed price in December 2022 was $495,611 versus $481,424 in December 2021—a modest increase YOY of 2.8%. So the perspective is, less homes sold in 2022, but at a higher price.
The availability of salable homes continues to be the problem — only 1.4 Month’s Supply of Inventory as of 12/31/22, meaning the seller in Naperville has the upper hand — although there is a large selection of homes priced at $1M-$1.5M bringing their MSI to 12. At the end of December there were only 166 attached and detached homes available for sale vs 187 last December. This is the lowest amount of homes available for sale over the last 2 years! We are at a low point for inventory (HINT: Great time to put your home on the market)!
The average days on market is 27 days—which is flat year over year. My favorite measure for home appreciation is the average price per square foot. The average price per square foot in December 2022 was $217 compared to $199 per square foot in December 2021—an increase of 9.3%–that is a VERY solid return on investment! And lastly, the selling price vs original list price is again at the same level as last December at 98.4%–VERY HEALTHY.
Real Estate is hyper local—no one knew (experts included) that 2022 would see the surge in interest rates, and the decline in Real Estate sales. Similarly, trying to predict the Real Estate market in 2023 is at best, a calculated estimate. Everyone’s reason for moving is their own individual need, the 2023 market should be friendly to the seller, as long as our inventory of homes stay at low Month’s Supply of Inventory numbers.
For more information, click here to download the Full Market Report.
Click here to download the Market Report by Price Point.
The real estate experts have announced their 2023 National Housing Market projections. Take a look at the data below gathered from Fannie Mae, National Association of Realtors (NAR), and Freddie Mac. Overall, the forecasts look like home sales will decrease and home prices will remain neutral. The experts believe that mortgage rates will continue to mirror inflation, but will be much more stable in 2023.
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.