Naperville, Illinois

The median house value in Naperville, Illinois is $388,900. Home availability in Naperville has increased 1.5 percent in the last year, and it is forecasted that house values will increase 4.6 percent in the next year.

$181 is the per square foot list cost median in Naperville. The metro area of Chicago has a lower per square foot list cost average of $163.

The current median list price of houses in Naperville is $439,000. Selling prices are at a median of $350,800.

Naperville’s rental market has a median cost of $1,850, monthly. The Chicago Metro has a lower median rental cost of $1,695. The annual median household income in Naperville, IL is $110,676.

The foreclosure rate is important when it comes to the real estate economy of a particular location. The higher the rate of foreclosures, the lower the value of the real estate for a location.

Regarding foreclosures, mortgage delinquency is the first thing that occurs in this process. Mortgage delinquency is what occurs when an owner of a house misses one or more payments on their mortgage.

0.8 percent in Naperville is the percentage of mortgage delinquencies. This is lower than the mortgage delinquency rate of the nation of 1.6 percent.

The recession of 2008 caused many houses in the US to fall a greater amount than 20 percent in their value. This has resulted in quite a few owners of houses being currently underwater regarding their houses. When a homeowner is underwater on their mortgage, it means that the debt of their mortgage is greater than the value of their house.

In Naperville, 8.1 percent of homeowners are underwater with their mortgages. The metro area of Chicago has a higher mortgage delinquency rate of 16.4 percent.

Naperville’s commercial real estate market is home to the 5th Avenue development project which has 13 acres owned by the city. The project has a former public works building, property of the DuPage Children’s Museum, an office building, 4 parking lots, and a water tower. But, before drawings can begin, one more review is needed. Drawings could be started in July 2018, if the city council gives it the green light.