The real estate market in Naperville, IL ended 2014 with the average sales price for detached single family homes up 2.2% versus 2013! Although price appreciation was not as high as other near by towns at $448,535 vs 2013's $438,730 - the almost $10,000 increase is still equity that will offset the next home purchase.
Although the median sales price was a mere .6% increase to $410,000 from 2013's $407,500, its still an increase! Currently there are 515 active listings with only 32 of these considered "new", 14 with price changes and only 3 reactivated listings. With another 170 under contract and only 19 of those short sales and 9 foreclosures, there is solid evidence that Naperville is way on its way to recovery. There are 25 of the 170 that are pending and should close in the next 30 days or less.
Naperville ended 2014 with 1,569 closed transactions in the single family detached home category compared to the 1,687 in 2013 which was a 7.0% drop in sales. This can easily be attributed to the lower inventory levels that produced multiple offers in many areas in town.
Will 2015 continue the tight inventory? Sellers hope so while of course, buyers hope that they will have more choices. Naperville is not a traditional first time home buyer market unless the first time home buyers are two professionals with management level jobs since the average home price is at the top of the FHA lending guidelines but currently 174 (mol) homes are eligible for a government backed mortgage. The highly rated school districts continue drawing in families, while its proximity to both Rt. 59 Metra stop and downtown Metra stop allow easy commute into Chicago and surrounding communities.
With 59 active listings with asking prices of One million to $4,555,000 ,its thriving downtown and strong high tech business environment continue to draw top management personnel that want to live close to work and can afford to buy into the more upscale lifestyle that these homes provide.
Need a current home value for your Naperville IL home? Contact me and I will be happy to give you the latest market activity in your area!
Disclaimer: Statistics provided using data from Midwest Real Estate Data LLC current as of 1/10/2015. This Association makes no claim as to the accuracy of this data. All information is based on available numbers as of January 12, 2015.
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