Naperville Home Prices

May 27, 2010 | By | 3 Replies More

Naperville homes have not been immune to the current lack-luster real estate market.

I took a bit of an off-route home today due to the never ending road construction plaguing what seems like EVERY road in DuPage County.  My route led me down a meandering road not far from downtown Naperville.  I drove past a home that my wife (at the time) and I had once dreamed of buying (dreamed in the spirit of stark futility).  It must have been nearly ten years ago that we saw the house.

I remember she and I looked up the newly-constructed home on Realtor.com to have a chuckle (downtown Naperville homes were way out of our range).  I don’t recall the exact price, but I do remember that the home was priced just over one-million dollars (and in comparison to some of the other homes in the area, it was a steal at the time).  Being that my wife and I were just starting out and had nowhere near the ability to purchase the Naperville home, it was just a silly little dream.

Well, today, I drove past that very same house and saw a “For Sale” sign in the front yard.  Much has changed since the last time it was on the market.  naperville homes for saleI am now divorced (long, unnecessary tale) and my financial situation, though not super-terrific, has improved substantially.  I pulled off on a side street and went to grab one of the fliers from the box on the “For Sale” sign.  My jaw dropped.

Clearly, no home in DuPage County is immune to the sour turn the real estate market has taken, not even Naperville homes.  This nice Naperville home that was once priced at over one-million dollars, was now on the market for $625K.  Wow!  That has to really sting for someone.

Unfortunately for me, though my financial situation has improved, it hasn’t improved THAT much.  I really don’t have the need for that much space anyway.  Perhaps in ten more years there would be a reason for me to look at that house again.  But by then, this $625K Naperville home, will probably be back over one-million dollars.  It’s nice to dream.

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Category: Daily Life, Real Estate

Comments (3)

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  1. Mandy says:

    Hi – I’m one of the Naperville homeowners who is getting hit hard by this market. My husband and I bought our house at the peak of the market a few years ago and now our home is valued WAY under the money we owe. Good thing we have no plans to move I hope market improves soon!

  2. Krista Corey says:

    My husband and I are currently looking for homes and as first-time buyers this market is allowing us to get our foot in the door in areas we never thought we could afford. We feel for those that are seeing their property values decline but I believe areas like Naperville will bounce back more quickly. The schools are strong, it’s a great community and there’s value in location!

  3. Hi Mr. Dupage. Yes, I’ve been a resident in Naperville for over 15 years and seen the housing market swing but not this much. It’s true there are places around the country that haven’t been effected that much, but places with areas of affluence like Naperville tend to have homes that may have risen to values they shouldn’t have been in.

    Housing markets always move up and down. It always seems like we’re caught saying “If only I had enough money right now, I’d buy this!”…well, that’s usually the case for many people. This is how those who have saved for these times can capitalize when the markets are at these levels.

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