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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…

Open House 12/07 at 12PM
$1,395,000
Single Family Home For Sale
Active
4
BED
6
TOTAL BATHS
6,300
SQFT
36 Abbeywoods Lane
Barrington, IL 60010
Abbey Woods Subdivision
$1,104,295
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
4,806
SQFT
29 Shenandoah Circle
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
$838,079
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,508
SQFT
28 Bryce Court
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
$825,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,600
SQFT
23590 North Owl Court
Lake Barrington, IL 60010
Walnut Grove Estates Subdivision
$790,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,600
SQFT
23525 North Owl Court
Lake Barrington, IL 60010
Walnut Grove Estates Subdivision
Open House 12/07 at 12:30PM
$672,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
3,742
SQFT
24646 N. Blue Aster Lane
Lake Barrington, IL 60010
Tallgrass Subdivision
$661,953
Single Family Home For Sale
Pending
2
BED
4
TOTAL BATHS
2,091
SQFT
24 Big Horn Court
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
$599,695
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,300
SQFT
30 Joshua Court
South Barrington, IL 60010
THE WOODS OF SOUTH BARRINGTON Subdivision
Open House 12/07 at 12:30PM
$599,013
Single Family Home For Sale
Active
2
BED
3
TOTAL BATHS
3,215
SQFT
24413 N. Blue Aster Lane
Lake Barrington, IL 60010
Tallgrass Subdivision
$449,990
Townhouse For Sale
Contingent
3
BED
3
TOTAL BATHS
2,098
SQFT
524 Pershing Lot #11.03 Court
Barrington, IL 60010
Brentwood Subdivision
$389,990
Townhouse For Sale
Price Change
3
BED
3
TOTAL BATHS
1,960
SQFT
513 Peterson Lot #9.02 Court
Barrington, IL 60010
Brentwood Subdivision
$379,990
Townhouse For Sale
Contingent
3
BED
3
TOTAL BATHS
1,966
SQFT
527 Pershing Lot #13.02 Court
Barrington, IL 60010
Brentwood Subdivision
$374,990
Townhouse For Sale
Price Change
2
BED
3
TOTAL BATHS
1,966
SQFT
1452 Palmer Lot #18.02 Street
Barrington, IL 60010
Brentwood Subdivision
$283,900
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,120
SQFT
8 Oak Street
Port Barrington, IL 60010
 

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

$474,000
4
BED
4
TOTAL BATHS
4,389
SQFT
7 Lakeside Lane North Barrington, IL 60010
Single Family Home For Sale
- Contingent

Terrific opportunity to own water front property in sought after Wynstone community, with over 4,300 square feet of living space including a full finished walk out lower level! This home features an open floor plan with volume ceilings, floor to ceil

$410,000
4
BED
3
TOTAL BATHS
2,550
SQFT
104 East Lake Shore Drive Tower Lakes, IL 60010
Single Family Home For Sale
- Contingent

WATERFRONT hillside ranch in sought after Tower Lakes Community, enjoy resort style living year round with 196' of lakefront! This fabulous 4 bedroom all brick home has been lovingly maintained, offering great space and a versatile floor plan. The ma

$675,000
5
BED
4
TOTAL BATHS
3,629
SQFT
1 Burning Oak Trail Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Stunning home on 2.6 acre wooded lot with private pond and creek! Gleaming hardwood flooring throughout most of first floor. Gourmet kitchen with center island and adjacent hearth room with cozy fireplace are the hub of every day living. Great room f

$375,000
COOK
COUNTY
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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