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.
July 2022 Housing Market Report for Naperville, Illinois
I thought there would be a build in available homes in July, there was—we now have 1.3 Month’s Supply of Inventory compared to .9 Month’s Supply of Inventory in June. The only price range with a significant build of inventory are homes priced at $1.5M-$2M where there is 10 MSI.
Out of the 325 homes that went pending for the month, the most active price point was $601k-$750k, where 72 homes went under contract. July YTD closed attached and detached homes of 1,481 are running 25% behind last years closed homes in Naperville, where see saw 1,978 closed properties. July 2022 only has 255 closed homes compared to 354 closed homes in July 2021—a 28% decrease.
Given the laws of supply and demand, prices are on the rise. The average sold price in July was $559,492 up 14.2% from $498,653 in July 2021. The inventory of available homes was 314 in July 2022 vs 375 homes in July 2021, but up 5% from last month when there was only 299 homes for sale—a small increase. The days on market is a minuscule 13 days to go to contract. The average price per square foot has risen to $230 which is up an astounding 17.2% increase compared to $196 per square foot in July 2021. And lastly, the selling versus listing price ratio is at 100.9%, which means the seller is getting their price and a little extra.
Although the Naperville market is adjusting to a “normal” Real Estate market, we are still seeing tight inventory and a prolonged seller’s market. This could change rather quickly with mounting concerns of higher interest rates and the dreaded “R” word, recession. So get while the getting is good—selling now will net you a premium on your home—and, marry the house, and date your mortgage rate—you can always refinance if/when the mortgage rates take a dip. Overall, the Real Estate market remains strong!
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.