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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…

New Listing - 5 days online
$1,125,000
Single Family Home For Sale
New
4
BED
6
TOTAL BATHS
4,545
SQFT
24715 North Blue Aster Lot #50 Lane
Lake Barrington, IL 60010
Tallgrass 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
$965,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
3,264
SQFT
711 Prairie Avenue
Barrington, IL 60010
Barrington Village 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
$669,500
Single Family Home For Sale
Price Change
3
BED
3
TOTAL BATHS
3,093
SQFT
103 Haman Road
Inverness, IL 60010
Country Club Estates Subdivision
$629,000
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
$575,000
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
$485,000
Single Family Home For Sale
Contingent
3
BED
4
TOTAL BATHS
2,030
SQFT
1432 Somerset Place
Barrington, IL 60010
Reserve at Barrington Subdivision
$283,900
Single Family Home For Sale
Contingent
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

$550,000
3
BED
5
TOTAL BATHS
4,350
SQFT
126 Waterview Court Lake Barrington, IL 60010
Townhouse For Sale
- Active

BEAUTIFULLY remodeled Augusta unit with the best golf course location in Lake Barrington Shores, enjoy open views of the 12th fairway and water views over large pond! This home has been tastefully updated with so much to mention. Let's start in the k

$660,000
5
BED
4
TOTAL BATHS
3,629
SQFT
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Single Family Home For Sale
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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

$350,000
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

New Listing - 2 weeks online
$449,900
4
BED
3
TOTAL BATHS
2,480
SQFT
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Single Family Home For Sale
- Active

It doesn't get better than this! Nestled in a cul de sac surrounded by conservation area and views of the Fox River. Beautiful home with so many recent updates inc. fresh decor, fixtures and fittings throughout (2019/2020). Large kitchen features cen