Naperville Market Update
The Marino Lending Team at First Centennial Mortgage is your local Naperville mortgage broker. We understand that being a first time buyer can be overwhelming. We always put our customers first and are committed to getting you the best deals on the market. In order to this, we have to be aware of the fluctuation of home prices. Our team is always up to date with the residential market trends so we can confidently inform you on the best deals.
The Naperville housing market has been consistently rising over the past three years. According to Realtor.com, the median listing price in February 2015 was $380,000. A year later this price was $395,000 and by 2017 the cost was $425,000. The current 2018 median listing price is $430,000, which is a 13% increase over the past three years, and a 1.2% increase from the past year.
The median price per square foot was $155 in 2016, and gradually increased up to $170 by February 2018. This 9.7% increase in price per square foot is similar to the rise in the median listing price. This could suggest that the listing prices are increasing because Naperville is becoming more popular and homes are in higher demand. The price per square foot could be rising because the real estate in Naperville is becoming more valuable.
The opposite trend is occurring for the median days on the market. By February 2015 the median days on the market was 100 and the current time on the market is 76 days. This 24% decrease in the market suggests that even though the home prices are increasing, the demand for homes are higher and therefore, are selling faster.
For more information on home loans in Naperville, or to get started on your application today, please contact us online or call 630.983.3604.
The Marino Lending Team
630.788.7859 (Mobile) | 630.983.3604 (Office)
NMLS ID #209516 | License: IL #031.0002979
847.804.1059 (Mobile) | 630.806.2870 (Office)
NMLS ID #244399 | License: IL #031.0037907
815.757.6944 (Mobile) | 630.947.0562 (Office)
NMLS ID #1542842 | License: IL #031.0045066
651 N. Washington Street
Naperville, IL 60563