December 2021 Naperville Housing Market Trends Report & 2022 Forecast

The Branch Vice President of Coldwell Banker Realty Naperville, John Carlson, stopped by the blog to give us the latest update on Naperville’s housing market.

December 2021 had the third lowest month of closings for the year with only January and February, having fewer closings of attached and detached homes. December 2021 saw 178 homes close versus 229 closed homes for the same month in 2020. This is directly correlated to the lack of inventory in Naperville which has only .8 MSI (Month’s Supply of Inventory). As of 12/31/21, Naperville only has 138 available homes for sale compared to 352 last December and 598 in December of 2019.

The average closed price for December 2021 was $479,094 up slightly from $471,732 in December 2020. The average days on market has slid to 25 Days on the Market (DOM), down from 37 DOM in December 2020. The average selling price per square foot is at $199 price per square foot compared to $182 in December 2020.

And lastly, the selling price versus list price ratio is at a robust total of 98.3% compared to 97% in December 2020. The market is lacking salable inventory, and if you were a seller thinking about waiting for Spring, it could be advantageous to list your home in January to ensure that you do not get lost in the shuffle. Additionally buying now makes good financial sense, as The Fed Funds rate is scheduled for 3 increases in 2022, which will almost ensure higher interest rates on mortgages. The early bird will get the worm in the 2022 Real Estate market—strike while the fire is hot!

The real estate experts have also announced their 2022 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 and home prices will once again rise. The experts also believe the mortgage rates will rise, but remain historically low.