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 June 2022.
June 2022 Housing Market Report for Naperville, Illinois
In mid year 2022, we should be seeing more inventory in Naperville. The Month’s Supply of Inventory which measures the velocity of home sales is stuck at .9 MSI—which means in less than 30 days, without any new inventory coming into the marketplace, we will be out of attached and detached homes for buyers. The most active price range in June 2022 were homes priced at $601k-$750k which had 88 homes go to pending. Only 320 homes closed in June 2022 compared to 429 last June. For the year, closed home sales for attached and detached homes are down 25% behind last years year-to-date closings. The average sales price is up 10.9% to $580,285 vs $523,289 in June 2021.
As of June 30th, there were only 180 available properties for sale compared to 361 last June—still a desert of inventory. Not surprisingly, the days on market to sell a home is at 10 days. The average price per square foot has risen to $227 per square foot versus $200 per square foot in last June—that is an increase of 13.5% year over year. And given the lack of available homes, the selling price vs original list price is at 102.8%–meaning the sellers are getting their price and a little extra.
If you are a seller—please consider taking advantage of what may be one of the best seller’s Real Estate market in history. If you are a buyer—get in while the getting is good—if you don’t like your interest rate—just date it, and marry it (refinance) when the rates take a dip. Real Estate is the best hedge against inflation and a solid investment—if you want to build wealth, Real Estate is a great place to start.
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 the other recent Naperville Housing Marketing Reports.