As we kick off Homecoming weekend in Barrington, I’m wrapping up a review of our local real estate market trends and find myself reflecting on the reasons why WE chose to move to Barrington. This weird thing happens whenever I spend a while staring at Midwest Real Estate Data (MRED) statistics. I usually get a song stuck in my head and, this time, it’s Small Town, John Cougar Mellencamp’s classic ode to the place he calls home. Push play and turn it up before you read on…
While Barrington’s not a small town in quite the same way as Mellencamp’s, the lyrics capture a little of why we all live here, right? Especially on Homecoming weekend…
No I cannot forget where it is that I come from
I cannot forget the people who love me
Yeah, I can be myself here in this small town
And people let me be just what I want to be
About 32 miles northwest of Chicago, the Barrington area is home to over 44,000 residents spread over 90 square miles. It’s a one-of-a-kind community in Chicagoland because it’s made up of seven villages offering a unique mix of options for living.
Want a home with historic charm or a commuter’s choice condo walking distance to downtown? We’ve got it! Want space to spread out with an acre (or 5-plus) zoned for horses? Check ✅. What about a golf course community, lakefront living or a forest preserve and equestrian trails right out your back door? Yes, yes and yes! The Barrington area offers something for everyone.
A downtown Metra Station, easy access to O’Hare airport, Top ranked schools, an abundance of shopping, restaurants, cultural and outdoor activities round out the reasons buyers choose Barrington. Education, neighbors, family, friends, faith, fun and the spirit of community. It’s the package that led us to Barrington and we’d do it over and over and over again in any real estate market. Wouldn’t you? Now for the numbers…
Here’s how things shaped up in the Barrington area at the end of August, 2018 compared to August, 2017. Here we’re considering Detached Single-Family homes & ACTUAL MONTHLY DATA.
- New Barrington area listings (Detached Single-Family) were up +20.2% from August, 2017
- The quantity of closed sales (Detached Single-Family) in August down -25.7% from August, 2017
- Median sales price (Detached Single-Family) was down -12.7% compared to August, 2017 (See below)
How we see it?
The increase in new listing activity is a positive. More new homes for sale means more choices for buyers and more buyers entering the market. Over time, it also means more competition for sellers which can put downward pressure on prices. In an an article published this week Realtor.com Chief Economist Danielle Hale said, “The signs are pointing to a market that’s shifting toward buyers… But in most places, we’re still a long way from a full reversal.”
Today, what you’ll also find in Barrington is tremendous opportunity and VALUE in terms of the available home for sale.
Here’s a look at the how the Detached Single Family Home Median Sales Price looked this August. Here we’re considering the PREVIOUS 12 MONTH PERIOD through the end of August compared to the same snapshot from August of 2017.
- Entire Barrington Area
$485,000 | Down -6.6% from August, 2017
- South Barrington
$750,000 | Up +3.4% from August, 2017
- Barrington Hills
$695,00 | Down -3.5% from August, 2017
- North Barrington
$537,450 | Down -2.3% from August, 2017
- Deer Park
$510,000 | Down -2.9% from August, 2017
- Lake Barrington
$499,500 | Down -2.9% from August, 2017
- Village of Barrington
$434,500 | Down -7.6% from August, 2017
- Tower Lakes
$368,750 | Down -18.1% from August, 2017
(If you’re viewing this on your phone, turn to side for full view of graphs.)
Though the Federal Reserve hiked interest rates Wednesday for the third time this year, National Association of Realtors Chief Economist, Lawrence Yun says he doesn’t foresee a significant decline in buyer activity.
“We have two opposing factors affecting the market: the negative impact of rising mortgage rates and the positive impact of continued job creation,” Yun says. “This should lead to future homes sales staying fairly neutral.
We can all play a part in spreading the word about what makes Barrington a great place to live. Tell your friends elsewhere in Chicagoland to COME AND SEE everything this community has to offer! Share your local lifestyle photos on social media with (hashtag) #365Barrington or #ChooseBarrington and we’ll add them to our daily collection at 365Barrington.com.
And if you’re interested in a closer look at homes for sale in Barrington today, give me a call/text at 847-691-3150 or email Liz@365Barrington.com. I’m a long-time local Realtor working with my family, The Luby Group, and the @Properties office here in Barrington.
Want to start looking this weekend? There are over 40 open houses sheduled in the Barrington area. See below for the list, tell them Liz Luby Chepell sent you and contact me next week for a more detailed look at the homes in your target area and price range. In the meantime, happy hunting, happy Homecoming and hope to see you around our “small town” soon!