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 May 2023*.
May 2023 Housing Market Report for Naperville, Illinois
The Month’s Supply of Inventory (MSI) for attached and detached homes in Naperville for May 2023 went down again. The May 2023 inventory was at its lowest level compared with May 2022 and 2021. In Naperville, there were 162 attached and detached homes available for sale. In May 2023, 174 homes closed which is up over 9% from the previous month. And, the average selling price for May 2023 was $591,540, over 10% higher than April.
The average days on market decreased again and is now only 14 days. The price per square foot is $238 up 9% from where they were in May 2022. Homes are still selling for over 100% of the listing price.
When the Federal Reserve raised interest rates in May, the Federal Open Markets Committee deleted a reference to “future increases” that appeared in previous statements, causing speculation that interest rate hikes may be nearing a pause.
And though the interest rates have been steady as of late, there’s no guarantee in the housing market. This uncertainty is stopping some from selling their home. It’s basic supply and demand – no inventory, higher home prices. So, contact The Ville Team so we can fill you in on what’s really going on in the local market and help you decide which path makes the most sense for you.
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 – May 2023. May 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?
Plainfield, Illinois
Download the Full Market Report and/or the Market Report by Price Point for Plainfield, Illinois.
Bolingbrook, Illinois
Download the Full Market Report and/or the Market Report by Price Point for Bolingbrook, Illinois.
Lemont, Illinois
Download the Full Market Report and/or the Market Report by Price Point for Lemont, Illinois.
Ready to buy or sell your home? Contact The Ville Team today at (630) 420-8834.
Click here to see previous Housing Marketing Reports.