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Real Estate | Barrington New Construction Update as U.S. Housing Starts Soar

Real Estate | Barrington New Construction Update as U.S. Housing Starts Soar

Home Newsroom Real Estate | Barrington New Construction Update as U.S. Housing Starts Soar

The U.S. Commerce Department’s latest report on housing starts shows the number of new homes under construction increased by 10% in January to an annual rate of 1.33 million. According to MarketWatch, housing starts are now at the second highest level since the recession following the financial crisis. Bloomberg reports that the only region to suffer a setback in beginning construction last month was the Midwest, which was impacted by severe winter weather.

The good news here is that more new home construction leads to a greater supply of properties and increased options for home buyers. That helps keep housing shortages, prices and interest rates in check. Stable interest rates are key to maintaining real estate market momentum. So this big picture trend is a positive on the local level.

That’s why the January Housing Starts report has National Association of Realtors’ Chief Economist, Laurence Yun doing a happy dance expressing optimism“Terrific news on housing starts in January with a solid 10% gain. This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth… Ultimately, there is still large room for improvement given the fact overall housing inventory is currently near historic lows.”

Yun says this boost in housing supply helps the economy and also may help the Federal Reserve temper the pace of future short-term rate hikes. “That’s because the slow upward creep in the broad consumer price inflation is principally being driven by rising housing costs. Simply put, more housing supply means a lower inflation rate, and potentially a slower pace of interest rate increases by the Fed.”  

Here in the Barrington area, the number of active new construction listings in January, 2018 was 42. That’s down -26.3% from the 57 Barrington area new construction homes for sale in January of 2017. We’ll continue to follow these numbers to keep you up to date with a local snapshot based on national trends over time.

Interested in new construction available today in Barrington? Here’s a closer look at the options currently on the market…

$875,000
Single Family Home For Sale
Active Under Contract
5
BED
5
TOTAL BATHS
25560 W Tara Drive
Barrington, IL 60010
 
$840,000
Single Family Home For Sale
Active Under Contract
4
BED
6
TOTAL BATHS
24571 Blue Aster Lane
Lake Barrington, IL 60010
 
$724,900
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
23279 Coyote Trail
Lake Barrington, IL 60010
Enclave of Heritage Estates Subdivision
New Listing - 2 weeks online
$699,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
326 W Lake Street
Barrington, IL 60010
 
New Listing - 3 days online
$675,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
326 W Lake Street
Barrington, IL 60010
 
$565,900
Single Family Home For Sale
Active
2
BED
4
TOTAL BATHS
516 Pershing Court
Barrington, IL 60010
Brentwood Subdivision

Do you have specific questions about Barrington real estate, homes for sale or property values in your neighborhood? Would you like to know more details about how things look in the different villages that make up zip code 60010? Email RealEstate@365Barrington.com or fill out the form below and we’ll follow up with more information within 24 hours.

In the meantime, stay tuned for more local real estate market updates here at 365Barrington.com, published since 2010 by local REALTOR, Liz Luby of The Luby Group with @properties.

 

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Luby Group Listings

$330,000
1,294
SQFT
113 S Cook Street Barrington, IL 60010
Commercial For Sale
- Active

Retail storefront in prime pedestrian location in downtown Barrington surrounded by Village shopping, restaurants, and steps to the Metra train station. Great opportunity to own a high visibility space, currently vacant, ready for you to move in and

Open House Sat, Jan 23, 1 PM UTC
Please verify times due to COVID-19
$624,500
4
BED
3
TOTAL BATHS
677 Bent Ridge Lane Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

The instant you walk thru the front door of this 3,778 sf colonial style home, you feel the warmth of it's modern updates! The foyer is welcoming with fresh paint, white trim, wainscoting that surrounds you and cascades up the staircase with a beauti

New Listing - a week online
$829,900
4
BED
5
TOTAL BATHS
109 Hillshire Drive Barrington, IL 60010
Single Family Home For Sale
- Active

NOW A BRAND NEW HOUSE! ALMOST NOTHING UNTOUCHED! FRESHLY PAINTED THROUGHOUT, AND NOW WITH BEAUTIFUL WHITE TRIM! And that's not all....New carpet, newly refinished hardwood floors, brand new appliances, and freshly painted beautiful white kitchen cabi

New Listing - 2 weeks online
$375,000
4
BED
3
TOTAL BATHS
250 Florence Avenue Inverness, IL 60010
Single Family Home For Sale
- Pending

Welcome to 250 Florence Avenue in beautiful Inverness. Situated on approximately 3/4-acre corner lot, this lovingly maintained home is a sprawling 4-bedroom, 2.1 bathroom with an attached 4 car garage, and an immaculate unfinished basement. An abunda

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