NAPERVILLE REAL ESTATE MARKET PRICES, TRENDS AND FORECAST 2023
2023 NAPERVILLE HOUSING MARKET FORECAST In recent years, the Naperville housing market has been a hot topic of discussion for prospective buyers and sellers, and many are curious about the future. The Naperville housing market is expected to undergo several changes in 2023, according to industry experts. EXPECT AN INCREASE IN HOME VALUES Naperville is currently positioned as a seller’s market, which means that there are more buyers than sellers, creating a competitive environment and pushing prices up. Home values in Naperville, IL, are set to increase in 2023 based on the previous year's trends. The average home value in Naperville was $474,545, and the median sale price of a home was $543,000 in February 2023, both up from the previous year. Throughout the coming years, home prices in Naperville are expected to continue this increase. HISTORICALLY LOW INTEREST RATES Compared to historical averages, the mortgage rates are low right now, but they have been rising steadily since mid-2021. The current average 30-year fixed mortgage rate is hovering around 6.94% as of mid-March 2023. This means it may be a good time for borrowers who want to refinance their existing mortgages or lock in a low rate for a new purchase. LANDLORDS ARE LIKELY TO BENEFIT FROM FAVORABLE INVESTMENT INDICATORS With home values set to increase this year and beyond, the forecast will favor rental investors and landlords. Potential buyers might be more likely to hold off on purchasing a home due to spikes in mortgages or rising home costs in the Naperville area. For those looking to invest in rental properties, it is recommended to do ample research and consult with a professional so you can act fast if you find a property in line with your requirements. POSITIVE ECONOMIC AND POPULATION GROWTH The economic and demographic indicators are positive, showing a strong job market, a high income level, a low unemployment rate, a high education level, and a growing population. As of 2021, the population was estimated to be over 149,000, which is a significant increase from the population of approximately 141,000 in 2010. 2023 HOUSING MARKET TRENDS IN DUPAGE COUNTY As we look ahead to 2023, there are several emerging trends and shifts in the local real estate market that are worth exploring. HOW COVID-19 IMPACTED THE DUPAGE COUNTY HOUSING MARKET DuPage’s residential real estate market was impacted significantly by the COVID-19 pandemic. Many sellers withdrew listings or delayed putting their homes on the market during this time since home sales dropped to some of their lowest levels since the 2007-2009 housing crisis. In contrast to the previous crisis, home prices did not fall significantly, as a low supply and historically low mortgage rates kept them stable or even rising. With a growing population and expanding job market, the city has rebounded from the pandemic. As of February 2023, DuPage County home prices were up compared to last year, and the market remains strong. FORECLOSURE STATISTICS IN DUPAGE The foreclosure rate in DuPage, and Naperville specifically, is very low compared to the national average and other areas in Illinois. Data shows that Naperville had 18 pre-foreclosure listings, 0 foreclosure listings, and 0 bank-owned listings as of March 22, 2023. A high median income, a low unemployment rate, strong housing demand, and stable home prices can all be linked to this low foreclosure rate. MEDIAN HOME PRICES IN DUPAGE COUNTY DuPage County's median listing home price in November 2022 was $379,000, up almost 4% from November 2021. Listed homes averaged $208 per square foot, and the median home sold price was hovering around $340,000. Among Illinois' most expensive housing markets, DuPage County has a median home price of $370,000 in the third quarter of 2022. NAPERVILLE REAL ESTATE MARKET: SHOULD YOU INVEST? The fifth-largest city in Illinois, Naperville offers a high quality of life and a balanced housing market. Investing in real estate here continues to be a good idea because of the strong economy, the high demand for housing, and the rise in home and rental prices. HOBSON WEST There are some of the best schools in Illinois in this neighborhood one mile south of downtown Naperville. Home prices in this neighborhood are expected to rise by 33.3% in 2022, making it one of Naperville's hottest neighborhoods. At $230 per square foot, the median listing price for a home is $599,800. CRESS CREEK Located less than 10 minutes northwest of downtown Naperville, this neighborhood is home to the popular Cress Creek Country Club, which offers golf, swimming, and tennis. There is a high demand for homes in this neighborhood, consistently ranked as Naperville's second-most popular neighborhood. The median price of a home in the area is $542,000, and the average price per square foot is $199. DOWNTOWN NAPERVILLE Near restaurants, shops, the Riverwalk, and top-rated schools, this neighborhood is in Naperville's heart. It has high-end homes and condos, making it one of Naperville's most expensive neighborhoods. It is estimated that the median home price is $749,900, with the price per square foot being $275. ASHBURY Ashbury is a family-friendly neighborhood in Naperville with excellent schools. In Ashbury, homes typically sell for between $400,000 and $1.2 million, with the average price per square foot around $194. ARE YOU READY TO BUY OR SELL IN NAPERVILLE? The Naperville real estate market is gaining momentum due to rising home values and high demand for housing. As the area continues to expand and develop, it presents a promising opportunity for buyers and sellers alike. The current trends are likely to persist, making Naperville an attractive location for investment both in the present and the future. To explore your options for buying or selling in Naperville, contact the local area experts at The Kohler Group.
THINGS TO DO IN GENEVA
Are you considering moving to the tight-knit, tranquil suburban community of Geneva in Kane County, Illinois? No matter what stage of the home search process you are in, you might wonder what fun things Geneva has in store. Recently named the second-best place in Kane County to raise a family, there are a wealth of things to do in Geneva that can appeal to nearly every age group. Read on to discover what locals love to do in this fantastic community. BEST ATTRACTIONS IN GENEVA THE HERRINGTON INN & SPA For a boutique hotel experience paired with a luxurious spa, you won’t want to miss The Herrington Inn & Spa. Located on the banks of the Fox River, the hotel has a charming view of the water. This is a four-star hotel that you simply must experience — complete with amenities like stuffed fireplaces and armchairs in the lobby and a turn-down service offering homemade cookies and milk in your room in the evening. On top of that, you’ll find the spa to be a relaxing oasis after long days. If you’re planning a visit to Geneva, you won’t regret booking your stay at The Herrington Inn & Spa. FABYAN VILLA MUSEUM & JAPANESE GARDEN For a location filled with historical significance and natural beauty at every turn, Fabyan Villa Museum and Japanese Garden is one that you will enjoy. From touring the Fabyan Villa Museum to witnessing the tranquility of the accompanying Japanese Garden, this oasis allows you to refresh and rejuvenate outside in nature. GENEVA HISTORY MUSEUM As the first nationally accredited museum in the county by the American Alliance of Museums, Geneva History Museum offers many excellent artifacts and exhibitions dedicated to educating the public on the local history of this city. NORTHWESTERN MEDICINE FIELD Baseball fans will undoubtedly love to visit Northwestern Medicine Field to cheer the Cougars on to victory. FAMILY-FRIENDLY THINGS TO DO IN GENEVA There are many things to do in Geneva that are perfect for every family member. GET ACTIVE AT FUNWAY ULTIMATE ENTERTAINMENT CENTER Located in nearby Batavia, IL, but close enough to Geneva for a short and easy drive, Funway Ultimate Entertainment Center is the one-stop destination for plenty of family-friendly fun activities. From roller skating and golfing to riding bumper cars and go-carts, there is much to do here to thrill your kids and even the young at heart. PLAY AT THE STONE CREEK MINIATURE GOLF COURSE The Stone Creek Miniature Golf Course offers a fun and challenging 18-hole course that is geared toward every member of your family. You must navigate your ball through windmills, wishing wells, water wheels, and other challenging obstacles. GET A FONDUE AT GRAHAM’S 318 COFFEEHOUSE Whether shopping or dining in historic downtown Geneva, you will want to take your family to Graham’s 318 Coffeehouse. With a rotating selection of handcrafted donuts, freshly baked pastries, and exquisite coffee, Graham’s 318 Coffeehouse provides a great experience you are sure to remember. Your kids will also love dipping various fruits into the handcrafted chocolate fondue. In addition, Graham’s 318 was named by People Magazine as one of the best coffee shops in the country. GENEVA NIGHTLIFE For those wondering what happens in Geneva when the sun goes down, here are three excellent pubs and bars you don’t want to miss out on. EVENFLOW MUSIC & SPIRITS If you want to find a happening spot to enjoy live music while dancing, head to EvenFlow Music & Spirits. Here, you will find a bar and a full-sized stage where you can watch live music performances well into the night. OLD TOWNE PUB & EATERY Alternatively, if you seek a quieter place to relax and socialize, don’t miss Old Towne Pub & Eatery in historic downtown Geneva. With a stunning rooftop patio and exquisite dishes, this is a go-to spot for a great meal and fun company. GENEVA WINE CELLARS AND TASTING ROOM For wine connoisseurs, there is no better place than the Geneva Wine Cellars and Tasting Room. With an extensive wine collection, there are weekend tastings so that you can try a variety of fantastic drinks from many parts of the world.
WHAT IS THE REAL COST OF LIVING IN ST. CHARLES?
Are you considering relocating to the Chicago area? Are you wondering if the St. Charles suburb might be the perfect fit for your lifestyle? Whether you are planning on relocating your family to St. Charles or moving because of a job promotion, it’s important to research the cost of living before making a commitment. Read on to learn about the cost of living in St. Charles so that you can move forward confidently. HOUSING: RENTAL PRICES When moving to a new area, one of the best ways to find out if it is right for you is by renting a property for the short term. There are many advantages that you can gain from renting before buying. First, you would have more time to search for a home you want to commit to long-term rather than feeling pressured to purchase a property right away. In addition, you can make the necessary financial preparations to be ready to make an offer when the time comes. Ultimately, renting before buying is a great way to test out the area and see if it’s right for your lifestyle, including getting first-hand knowledge of the cost of living in St. Charles. Only by living there will you get an up-close-and-personal look at the amenities and overall costs of your lifestyle in the community. You will also gain in-depth knowledge about the area that you would not be able to find with a simple Internet search. When deciding if renting before buying in St. Charles is the right decision, you need to consider the cost. In St. Charles, the average rental price is $1,784, though that can fluctuate depending on the size and number of bedrooms. With the median national rent cost at $1,978, rental prices in St. Charles are slightly lower than many homes across the country. However, it is essential to note that rental prices have increased in St. Charles by up to 51% year-to-date. Despite rising rental costs, it is generally considered a good idea to consider renting in St. Charles for the short term as you explore the city and find the perfect property to set down roots. HOUSING: HOME PURCHASE PRICE Whether you wish to buy a new home right away or after renting for a while, it’s important to research the cost of St. Charles real estate. According to the latest data from Illinois Realtors, the median sales price of homes within the Chicago metro area is $288,000. The median cost for St. Charles real estate is $370,000, with many luxury properties priced much higher than that figure, well into the millions. Because St. Charles homes are highly sought-after, with modern touches of style, gorgeous landscaping, and amenities all around, you are likely to maximize your budget when purchasing St. Charles real estate. St. Charles is currently experiencing a strong competitive market in which sellers might have more negotiation power. There has been a 10% increase in home prices year-to-date. In addition, homes are selling more quickly, many within 15 days, and the number of available homes on the market is getting tighter. Thus, you should be prepared to act quickly in a competitive real estate landscape like this. For example, by getting pre-approved for financing and creating a list of must-haves ahead of time, you will be prepared to make an offer on your home, ultimately streamlining the home search process. UTILITIES COST In St. Charles, you can expect varied temperatures ranging anywhere from the teens to the high eighties depending on the season. With such diverse temperatures, you can expect the utilities to fluctuate with the seasons. For example, the average cost of utilities for a family of four is $168 per month. This includes costs such as electricity, water, gas, and heating. As for the cost of Internet and cable, Illinois residents pay an average of $114. This amount can vary depending on how extensive your plan is. FOOD COST Known for its hip and trendy downtown restaurant scene, St. Charles is a food lover’s haven. Many locals and visitors are drawn to this small town for its incredible dining landscape of great eateries. You can expect to pay an average of approximately $60 for a restaurant meal for two. Many residents of St. Charles head to their local grocery stores to stock up on food. A single adult can expect to pay around $2,980 a year for food. This is approximately the same as the annual cost of food for the state, which is $3,004. TRANSIT COST In St. Charles, many people get around by car. On average, transportation costs in St. Charles are about 32% cheaper than in the nearby major metropolitan city of Chicago. Specifically, nearly 80% of residents use their cars to get to work. As a commuter, you can expect that the gas price costs about $3.18 per gallon, which is higher than the national average of $2.72. There are also other transportation options available. For example, a comprehensive bus system will transport residents and visitors to various parts of St. Charles and nearby cities. In addition, with a walk score of 67 and a bike score of 58, biking and walking options are readily available. AVERAGE SALARY In St. Charles, many professionals work in fields like management, technology, office and administrative roles, and sales. The average salary for all occupations in St. Charles is $63,000 per year, or $30 an hour. However, many professionals earn well above that figure. Many residents can live comfortably with the current cost of living in St. Charles. READY TO FIND YOUR NEXT HOME? Are you interested in buying a new home in St. Charles, Illinois? When you’re ready to take the next step, schedule a consultation with the top-notch real estate team at The Kohler Group. Their agents can offer guidance on everything from marketing to negotiating. Using an exhaustive collection of resources and an extensive network, The Kohler Group can help you find a St. Charles home that aligns with your lifestyle! Reach out today to get started.