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 January 2023.
January 2023 Housing Market Report for Naperville, Illinois
Real Estate is and always will be hyper local, so don’t get caught up in the headlines! In Naperville, we are still in need of salable inventory across all price points. The Month’s Supply of Inventory for attached and detached homes in Naperville for January 2023 was 1.6 MSI—meaning that if no new properties enter the market, given the current velocity of homes sold, all available inventory of homes will be consumed in a little over 1.5 months. The only price points that are building inventory are homes priced over $1M, where there is 10 month’s supply of inventory.
In Naperville, there were only 143 attached and detached available for sale as of 1/31/23. In January 2023, only 88 homes closed in comparison to 120 home in January 2022. The average selling price for January 2023 was $531,437 vs. $458,633 for the same month last year, an impressive increase of 15.9%. The average days on market is the same as last January, 28 days. The price per square foot is $213 per square foot compared to $196 for January 2022—an increase of 8.9%. The Selling Price versus Listing Price Ratio is at 97.7% versus 98% from last January—essentially flat.
In synopsis, if you are thinking about listing, do it now and beat the rush to the market in the Spring—you will be able to lock in your pricing and have an excellent opportunity to be one of few homes currently on the market. This is a case when the early bird gets the worm.
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.