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 October 2022.
October 2022 Housing Market Report for Naperville, Illinois
Naperville is still a very active market, even with increasing mortgage rates. The MSI of inventory which gauges the velocity of home sales is still tilted towards the seller’s advantage with a small increase to 1.5 MSI compared to last month. The upper price range is building inventory the quickest with homes priced at $1.5M-$2.0M having a 9.5 MSI.
The most active price range are homes priced at $601k-$750k were 36 out of the total 195 attached and detached homes went pending in October 2022. Closings are feeling the pressure of higher rates were only 153 properties closed in October 2022 compared to 227 homes in October 2021.
The average sales price is interesting–$504,159 in October 2022 vs $457,065 in October 2021—an increase of 10.3% year over year. However, month over month prices are beginning to adjust—in September 2022 the average sales price was $513,997—a decrease of 1.9% month over month. The available homes (attached and detached) were 237 in October 2022 versus 167 last October—a small gain of inventory. The price per square foot for Naperville was $219 vs $196 in October 2021—a nice increase of 12% year over year.
The selling price versus list price ratio is flat at 98% in comparison to October 2021. In short, the Naperville market is HEALTHY! We are starting to see more opportunities for buyers; and the sellers are still enjoying a robust sales price. The Fall market is traditionally the best time for a buyer to scoop up a house at a reduced price—great opportunity for the willful buyer!
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.