This is one in a series of community profiles and a look at how the real estate market is holding up in the community.

Naperville Illinois, a city of 145,000 people located 28 miles west of Chicago in Western Dupage County, is one of the largest cities in Illinois. Naperville has consistently been named by national magazines as one of the best places to live and a great place to raise a family. Naperville’s school system is recognized for it’s quality nationwide, and most of the students from its 4 high schools go on to college (the ACT ranking is among the best in the state). Unlike most of the nearby suburbs, Naperville is a destination on its own. It anchors the I-88 high tech corridor, and is home to several Fortune 500 companies and the most lively down town shopping and entertainment district outside of Chicago. The Naperville Settlement, a living history museum, and the Naperville Riverwalk add character to the downtown. Big draws during the summer are the Rib Fest and Last Fling festivals, which attract thousands and feature national touring musical acts.

The Naperville real estate market is big enough and diverse enough that it covers every price point from starter condos up through multi million dollar estates. The city covers over 35 square miles in both Dupage and Will County, and is made up of a vast collection of interconnected subdivisions. The average listing price for homes currently listed is over $500,000, and the average sale price in July 2009 was $330,000 – down about 8% from the year before. Most of the sales activity is in the lower to mid-priced range. Over the last few years most of the new construction was in the higher ranges, and the inventory of million dollar plus homes will take years to sell based on the current sales volume.

Naperville mortgage financing has traditionally been made up of mostly conventional and some jumbo mortgages. Home prices have come down nearly everywhere, and Naperville is no exception. With the FHA loan limit now increased to $410,000, Naperville mortgage rates are made up mostly of a combination of conventional mortgage loans and Naperville FHA loans. Naperville is still a relocation destination, and while the premium end of the market has been less active, Naperville Jumbo Loans are readily available. Naperville home loans are well priced, and as a Naperville area mortgage lender, I can help you find the financing package that is best for you.

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