July 2023 Housing Market Report

The main question we always get asked as real estate agents – how’s the market?  Check out the latest update on the Naperville area’s housing market and the Naperville Housing Market Trends Report for July 2023*.

July 2023 Housing Market Report for Naperville, Illinois

The Month’s Supply of Inventory (MSI) for attached and detached homes in Naperville for July 2023 did go up slightly but, it’s still below 1 Month’s Supply of Inventory. In Naperville, there were 209 attached and detached homes available for sale. And, we had 212 homes close which is down 17.5% from July 2022. The average selling price for July 2023 was $669,282, up 10.26 % over June!

The average days on market decreased to 13 days. The price per square foot is $241 – an increase in conjunction with the higher average selling price. And, homes are still selling for over 100% of the listing price.

All in all, in the Chicago suburbs, sales of homes in the second quarter of 2023 were down significantly compared with the same period last year, but are up month-to-month, as inventory levels creep back up, according to Mainstreet Organization of Realtors in a recent Chicago Tribune article.

Also quoted in the article, the Chief Economist at the National Association of Realtors, Lawrence Yun said in a recent news release that July’s consumer price index report, which showed inflation slowing compared with last year, could mean positive signs for the housing market ahead.

“Low inflation means low mortgage rates. Therefore, decelerating consumer prices could steadily lift home sales and increase home production in a few months,” Yun said.

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 – July 2023. July 2023 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? 

Ready to buy or sell your home? Contact The Ville Team today at (630) 420-8834. 

Click here to see previous Housing Marketing Reports.