Naperville Real Estate Market – Over 10 Years
What has the Naperville, Illinois Real Estate market done in 10 years?
In January 2012, the median sales price for a detached home in Naperville, Illinois was $377,150.
Currently, the median sales price for the same in Naperville is $525,000.
The monthly supply of inventory was 8.8 in 2012. Currently, the monthly supply of inventory is only 1.2. Also known as the MSI, the monthly supply of inventory, is the time it would take to sell all of the inventory currently for sale…in this case, in Naperville. A MSI that is under 6 indicates a seller’s market, whereas, over 6 indicates a buyer’s market and at 6 indicates a neutral market (not a buyer’s or seller’s market). We are very much in a seller’s market in many of the Chicago suburbs.
(All stats per MRED data).
Inventory is low. Prices are continuing to increase.
If you’re thinking of selling, now may be a FANTASTIC time for you to sell. The real estate selling season is starting earlier this year. Why?
Many buyers are looking to purchase before mortgage rates continue to increase
There are carry-over buyers from last year who, due to the lack of inventory or competition, were not able to purchase
As more people work from home, buyers’ wants and needs have changed
Many buyers are moving from Chicago or inner ring suburbs looking for more space
If you’re a Naperville homeowner thinking of selling (of if you’re in the southwest, west or northwest suburbs), let’s chat! I can prepare a market analysis of your specific property. Real estate is very local and the market data can change frequently. #ExperienceIsKey
Kristine Glockler, REALTOR, ABR, ACP, AHWD, CNHS, e-PRO, PSA, RENE, RCC
The Glockler Group, Naperville
(708) 480-2011
