The main question we always get asked as real estate agents – how’s the market? 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*.
December 2024 Housing Market Report for Naperville, Illinois
2024 was a year that almost mirrored 2023 for closed homes in Naperville yet saw modest increases in prices for 2024. In Naperville for 2024 there were 1,869 attached and detached homes that closed in comparison to 1,858 homes in 2023. The average sales price in December 2024 was $584,362 vs $567,568 in December 2023, an increase of 2.3%(which I believe was due to the mix of homes sold as actual home prices appreciated higher than this). We are in a desert of inventory with only 1.3 month’s supply of homes—which means given our current velocity of sales, we would have no homes to sell in 1.3 months, if no new homes entered into the market. The most active price range in Naperville in December were homes priced $400k-$500k which had 23 homes go to pending in the month. The amount of listed homes for sale in December 2024 was 153 homes compared to 155 last December—almost identical. The average days on market is up slightly to 28 days, in comparison to 25 DOM in December 2023. The appreciation is shown properly not in the average selling price, but in the average selling price per square foot, which settled at $256 per square foot versus $235 in December 2023—an increase of 8.9%. In Closing, prices for homes remain increasing due to the lack of salable inventory and sellers resistant on selling their current home due to their current lower mortgage rates. This is a great time to sell your home before the Spring rush, so you don’t get lost in the inventory. You will have less competition today, with buyers that are looking for Spring closings, so you will probably get your price–if your home is appointed and priced at market.
Curious as to what you should do in your unique situation? Give The Ville Team a call to consider your best solutions and next moves. 630-420-8834
For more information, click here to download the Full Market Report – Naperville.
Click here to download the Market Report by Price Point for Naperville.
*Based on information from Midwest Real Estate Data LLC for property type(s) Single Family, Townhome, Condominium in the price range $0 – $999,999,999 for the period Jan 2023 – Dec 2024. December 2024 stats are compared to previous 3 months’ average. Source data is deemed reliable but not guaranteed.
What about the housing market report in other areas?
Plainfield, Illinois
Download the Full Market Report and/or the Market Report by Price Point for Plainfield, Illinois.
Lemont, Illinois
Download the Full Market Report and/or the Market Report by Price Point for Lemont, Illinois.
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.