Low mortgage rates, low supply, high demand, competition all around turned the 2021 Naperville housing market into one realtors and buyers/sellers won’t soon forget.
News houses under-construction home in the Wagner Farms subdivision in Naperville are already sold as the city grapples with two few homes on the market and too many buyers wanting to buy them.
When all was said and done, more than 3,200 single-family homes, town homes and condominiums in Naperville were sold last year. That’s about 500 more than in 2020 and 700 more than in 2019. Yountanja Wiley-Kingsley experienced that first-hand when she started looking for a Naperville condominium in spring 2021. It took her six months to get an offer accepted, she said.
The hot real estate market was something of a boon as well for the city, which receives a property transfer fee of $1.50 for every $500 of the sales price. “Whenever something is out there, people are just jumping at them,” said LeTourneau, who is also president of the Mainstreet Organization of Realtors.
[Most read] Activists at CTA 95th Street station protest upcoming release of Jason Van Dyke, calling for citywide shutdown of trains and busesA December report from real estate company Redfin said the number of homes available for sale in the area was at an all-time low heading into the winter at the same time that median sales prices were at an all-time high.