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…

$1,680,000
Single Family Home For Sale
Contingent
4
BED
4
TOTAL BATHS
4,300
SQFT
101 South Remington Road
Barrington Hills, IL 60010
PRAIRIE HILL ESTATES Subdivision
$1,540,000
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
6,300
SQFT
36 Abbey Woods Drive
Barrington Hills, IL 60010
ABBEY WOODS Subdivision
$1,499,000
Single Family Home For Sale
Active
6
BED
3
TOTAL BATHS
7,000
SQFT
1340 Macalpin Drive
Inverness, IL 60010
 
$1,499,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4,760
SQFT
39 Wood Oaks Drive
South Barrington, IL 60010
 
$1,395,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
4,476
SQFT
100 Devon Lane
North Barrington, IL 60010
OLD BARRINGTON ESTATES Subdivision
$1,225,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
4,164
SQFT
519 South Summit Street
Barrington, IL 60010
BARRINGTON VILLAGE Subdivision
$1,191,975
Condo For Sale
Active
3
BED
3
TOTAL BATHS
3,005
SQFT
407 East Main Street #301-304
Barrington, IL 60010
BARRINGTON VILLAGE Subdivision
$1,160,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
4,200
SQFT
100 Hawthorne Road
Barrington Hills, IL 60010
 
$1,104,295
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
4,806
SQFT
29 Shenandoah Circle
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
$1,102,645
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
5,074
SQFT
23 Shenandoah Circle
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
$1,028,995
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
5,072
SQFT
40 Shenandoah Circle
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
$1,027,465
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
4,654
SQFT
15 Shenandoah Drive
South Barrington, IL 60010
The Woods of South Barrington Subdivision
$999,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
4,000
SQFT
910 Livingston Lane
Inverness, IL 60010
 
$949,000
Single Family Home For Sale
Contingent
4
BED
4
TOTAL BATHS
3,400
SQFT
21100 North Wildrose Court
Deer Park, IL 60010
DEER PATH ESTATES Subdivision
New Listing - 3 weeks online
$875,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,886
SQFT
744 South Division Street
Barrington, IL 60010
 
$838,079
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,508
SQFT
28 Bryce Court
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
$832,995
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,567
SQFT
2 Acadia Drive
South Barrington, IL 60010
The Woods of South Barrington Subdivision
$825,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,600
SQFT
23590 North Owl Court
Lake Barrington, IL 60010
WALNUT GROVE ESTATES Subdivision
$799,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
4,576
SQFT
23150 Enclave Lane
Lake Barrington, IL 60010
ENCLAVE OF HERITAGE ESTATES Subdivision
New Listing - a week online
$789,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,830
SQFT
24366 N. Blue Aster Lane
Lake Barrington, IL 60010
Tallgrass 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.

 


Like it? Share with your friends!

0 Comments

X
X