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 September 2022.
September 2022 Housing Market Report for Naperville, Illinois
The slow build of inventory is finally happening in Naperville. The Month’s Supply of Inventory which gauges the velocity of home sales has creeped up to 1.6 MSI from around 1.1 MSI last month. We are still firmly in a seller’s market in Naperville, but we are seeing a building of available homes. We are specifically seeing a rise of inventory in homes over $1M, where the market has shifted to a balanced to slight buyer’s market with 7.8 MSI. The most active price range in Naperville were homes priced at $601K-$750k where 38 homes closed in September.
The closings were down substantially year over year—164 attached and detached homes closed in September 2022 vs 241 closings in September 2021—that is a 32% decrease year over year. The average sold price was healthy in September 2022 at $513,936 compared to $459,835 in September 2021—a nice 11.8% increase. The total available inventory of available attached and detached homes in Naperville is still low at 258 compared to 345 available homes last year. Interesting enough the DOM (time taken for a home to go under contract) rose fairly significantly to 21 days vs 15 DOM last year—so it is taking a little longer to get a home under contract, but still at a fairly quick clip.
The price per square foot is the most interesting stat — $212 for September 2022, up from $197 in September 2021—up 7.6% year over year, but down 2.7% from $218 dollars per square foot in August 2022. This $6 price per square foot decrease month over month constitutes a 2.7% decrease. The rise in interest rates are having an effect on the market, so buy the house and date the rate—if/when the mortgage rates recede, refinance the mortgage and set up your hedge against inflation.
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.