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 November 2022.
November 2022 Housing Market Report for Naperville, Illinois
It’s an interesting situation—the Month’s Supply of Inventory is slowly building and is currently sitting at 1.6 MSI. A balanced market would be close to 6 month’s supply of homes, so the sellers are still holding all the playing cards. The only price ranges with a Month’s Supply of Inventory over 6 MSI are homes priced over $1M.
You would think with the interest rate increases, prices would be affected, however, November 2022 saw an average closed price of $495,099 vs $446,571 in November 2021—an increase Y-O-Y of 10.9%. Prices are holding. November 2022 only saw 129 attached and detached homes close compared to 226 properties for the same month last year, a decrease of 42.9%–that is significant! The reason why prices are holding is the amount of available homes for sale which is 211 vs 237 for November 2021—simple supply and demand, we are still lacking inventory of available homes for sale.
The average market time has edged up to 30 DOM vs 22 or November 2021. The price per square foot has remained steady at $219 versus $195 per square foot last November—a 12.1% increase Y-O-Y. And lastly the selling price versus listing price ratio was 96.9%, which is a historical average for the Naperville market.
In plain words, our pricing is not being drastically effected for 2 reasons: we have modestly priced homes to begin with and there is a continued lack of salable inventory to support the buying public. The Holidays are historically when your home looks the best on the inside—take advantage of being one of a few homes for sale to take attract winter buyers — stand out from the crowd now, rather than risk getting lost in the Spring rush. Happy Holidays!
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.