Market Update, News, Real Estate

Real Estate Market Update | The Ups, Downs & Forecast for 2019

Real Estate Market Update | The Ups, Downs & Forecast for 2019

Move over, Polar Vortex! Be gone, -25 degrees! Local real estate sales are headed for a warmup with the spring market on the horizon. Barrington residents planning to sell their homes in 2019 have been making recommended preparations and we’ve also been busy helping soon-to-be home buyers monitor the market.

What do forecasters say the future of real estate looks like nationally in 2019? In a Forbes report, economists predict that this year overall home sales will decline, home price appreciation will slow to 3.0 percent, buyers will face less competition and we’ll see even more millennials in the marketplace.

National Association of Realtors (NAR’s) Chief Economist, Lawrence Yun is optimistic despite NAR’s recent report that existing home sales closed out 2018 on a low note in December, down -6.4 percent from the prior month and down -10.3 percent from December of 2017.

Yun cites several reasons for the December decline including higher mortgage interest rates, national home price gains and tax changes, which have become less favorable for homeownership. Last week, Yun summed up his current outlook in a headline which reads, “Dismal December shouldn’t carry over into 2019 home sales.”

“The outlook for 2019 looks quite good,” Yun says in a report for The Hill. “The Federal Reserve has changed its stance regarding monetary policy. Rather than four rate hikes in 2019, as was widely assumed to be the case just a few months ago, the Fed is likely to raise its short-term rate just once. This shift has quickly led to a measurable fall in the rate on 30-year, fixed-rate mortgages, from 5 percent in early December to 4.5 percent as of mid-January. As a result, the outlook for home sales improved.”

Yun says it also helps to see income rates on the rise. “For the first time in years, income gains of a projected 3.5 percent will outpace home price growth of around 2 percent. That is healthy and a turn toward better housing affordability.”

Here in the Barrington area, December home sales were up +2.0%, with the median single family home sales price at $520,000, down -2.4% from $533,000 in December of 2017.

Today in Barrington, there are about 520 active listings on the market plus 95 properties under contract. We’ll share January’s numbers for you after month’s end but we know that, as of right now, about two dozen homes have closed in Barringtonton since Jan 1 of 2019. Here’s a look at how that compares to trends historically. (If you’re reading on mobile, turn to side for full view of chart and hover or tap data points to see numbers per month.)

Of the properties sold in Barrington since January 1st, 2019, 18 of them are single family homes. The median sale price of all single family homes was was $612,000 with a minimum sold price of $230,000, a maximum sold price of $1,400,000 and an average market time of 180 days. Here’s a look at our median single family home prices historically.

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 all our 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.

If you’re thinking about buying or selling a home today or down the road, give me a call/text at 847-691-3150 or email Liz@365Barrington.com. I’m a long-time local Realtor working hard to share the 365+ million reasons why Barrington is a great place to live. My license is with the @properties office on Northwest Highway and I know from experience that our community’s Realtors are among the very best in the business. We have many resources to share today that will give you an advantage when you’re ready for your next move and we’re always an email or a phone call away!

New Listing - 3 weeks online
$525,000
4
BEDS
3
TOTAL BATHS
4,066
SQFT
27146 W Highland Road Barrington, IL 60010
Single Family Home For Sale
- Active

Come and enjoy life in this beautiful 4066 sq. ft. home that was built in 2002. The two-story foyer greets you as you enter. The combined living and dining rooms offer great space. There is an office on the first floor offering privacy doors. The kit

New Listing - 4 days online
$149,000
0.22
ACRES
LAKE
COUNTY
20952 N Rub Of Green Lane Barrington Hills, IL 60010
Land For Sale
- Active

Don't miss this rare opportunity to build your dream home in Barrington Hills without having to manage 5+ acres! This exceptional build to suit lot borders the 3rd green of the highly desired Barrington Hills Golf Course, and offers privacy at the en

$599,000
4
BEDS
6
TOTAL BATHS
3,361
SQFT
27881 W Flynn Creek Drive Barrington, IL 60010
Single Family Home For Sale
- Active

Picturesque views on 4+ beautiful acres! Offering privacy and proximity to downtown Barrington, there is so much potential in this sprawling brick ranch, situated on a serene nature conservancy. Featuring 4 spacious bedrooms, 4 full and 2 half baths,

$395,000
2.91
ACRES
LAKE
COUNTY
21260 N Prestwick Drive Barrington, IL 60010
Land For Sale
- Active

A beautiful, fully wooded 2.91 acre lot in the prestigious Bruce McIntosh subdivision of Barrington Oak Meadows in Barrington, IL. This is the last remaining lot in this subdivision, which is surrounded by premium and luxurious custom built single fa

Short Sale
$649,900
3
BEDS
4
TOTAL BATHS
3,029
SQFT
22035 N Harbor Road Barrington, IL 60010
Single Family Home For Sale
- Active

RARE HORSE PROPERTY WITH LARGE INDOOR ARENA 11 STALLS AND PADDOCKS! ROOM FOR OUTDOOR RIDING AREA! THIS HOME BOASTS BEAUTIFUL VAULTED CEILINGS 2 FIREPLACES IN THE FAMILY & DINING ROOMS. WONDERFUL LARGE SPACIOUS KITCHEN WITH COOKING PREP AREA. FIRST FL

$600,000
8.71
ACRES
COOK
COUNTY
126 Brinker Lot 9 Road Barrington Hills, IL 60010
Land For Sale
- Pending

Sold before processing

New Listing - a week online
$1,799,000
6
BEDS
7
TOTAL BATHS
9,555
SQFT
5 W County Line Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Get ready to embrace "Hartwood, " one of Barrington Hill's most historic properties. Circa 1904, this magnificent home is privately situated on a sanctuary of 7.8 lush acres with a prime location just moments to town. The sweeping driveway with a can

$1,599,000
6
BEDS
10
TOTAL BATHS
7,416
SQFT
26161 W Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Active

An exclusive, gated estate brings its own level of distinguished class to the community, prominently set on over 3 acres while introducing some of the most exquisite architecture. An unparallel location sited deep into the parcel creating an unexpect

$1,399,000
3
BEDS
1
TOTAL BATH
28285 W Cuba Road Barrington Hills, IL 60010
Land For Sale
- Active

Great Property close to Northwest Highway for easy access. 2 homes, 3 out-buildings and a pasture. Both homes have 3 bedrooms, 1 bath, full basements and 2 car garage. The opportunities our boundless. Investment opportunity, Private owner, with addit

$649,000
5.09
ACRES
LAKE
COUNTY
Lot 0 Steeplechase Road Barrington Hills, IL 60010
Land For Sale
- Active

Location! Location! The Barrington Hills wooded parcel you have been waiting for! Heavily wooded 5-acre property on prestigious Steeplechase Road. Once part of a larger estate this gorgeous vacant land has been practically untouched and features stun

$779,000
5
ACRES
COOK
COUNTY
Lot 26 Three Lakes Road Barrington Hills, IL 60010
Land For Sale
- Active

Prime Barrington Hills 5 acre vacant lot on Lake Melissa. Lot is on a quiet cul-de-sac offering privacy with the convenience of being near Barrington shopping, restaurants, train, expressway. Highly regarded District 220 school district!

Price Change - 3 weeks ago
$240,000
0.67
ACRES
LAKE
COUNTY
20969 N Exmoor Avenue Barrington, IL 60010
Land For Sale
- Active Under Contract

SPACIOUS 2-STORY 2 BEDS / 1 BATH CARRIAGE HOUSE WITH 3 CAR GARAGE AND ADDITIONAL STORAGE AND WORKSPACE ON THE FIRST FLOOR ON .67 ACRES AND CLOSE TO DOWNTOWN BARRINGTON! This House Has a Generous Sized Living Room, Large Kitchen w/ Eat-In Dining Room,

$725,000
4
BEDS
3
TOTAL BATHS
1,951
SQFT
21621 Crown Road Barrington, IL 60010
Single Family Home For Sale
- Active

A country Lover's retreat. This Michael graft split-level colonial sits on 6 beautiful secluded acres. Located on a private road, surrounded by woods, open fields, pond, wet lands, nature & wildlife abounds. Tall pine trees, mature trees, flowering s

$424,900
5.64
ACRES
COOK
COUNTY
424 W County Line Road Barrington, IL 60010
Land For Sale
- Active

Prime Barrington Hills location to build your dream home. Gorgeous 5.64 acre parcel with mature trees offers privacy and beautiful views of nature. A perfect location for an equestrian property with riding trails and Barrington Hills riding center ne

$495,000
5
ACRES
COOK
COUNTY
99 Lot#3 Brinker Road Barrington Hills, IL 60010
Land For Sale
- Active

MOST PRESTIGIOUS STREET IN BARRINGTON HILLS. MINUTES FROM EXPRESSWAY YET SECLUDED FROM THE OUTSIDE WORLD. GORGEOUS 5 acre PARCEL TO BUILD YOUR DREAM HOME AMONGST DOZENS OF TREES. LOT IS ON SOUTH SIDE OF DRIVEWAY EAST OF LOT #2. HOME LAND PACKAGE ALSO

$699,000
5
ACRES
COOK
COUNTY
99 Lot#1 Brinker Road Barrington Hills, IL 60010
Land For Sale
- Active

MOST PRESTIGIOUS STREET IN BARRINGTON HILLS. MINUTES FROM EXPRESSWAY YET SECLUDED FROM THE OUTSIDE WORLD. GORGEOUS 5 acre PARCEL TO BUILD YOUR DREAM HOME AMONGST DOZENS OF TREES. LOT IS ON NORTH SIDE OF DRIVEWAY. HOME LAND PACKAGE ALSO AVAILABLE. 4 N

$699,000
5
ACRES
COOK
COUNTY
99 Lot#2 Brinker Road Barrington Hills, IL 60010
Land For Sale
- Active

GORGEOUS 5 acre PARCEL WITH NATURAL WALKOUT ON SOUTHSIDE OF PROPERTY. PRESTIGIOUS "BRINKER ROAD". BUILD YOUR CASTLE. HOME/LAND PACKAGE ALSO AVAILABLE. 3 NEW HOMES PLANNED ON 21 ACRES ** . Broker has ownership interest.

$445,000
3
BEDS
4
TOTAL BATHS
1,950
SQFT
320 Waverly Road Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

Beautiful and appealing updated ranch invites you to secluded, private and spacious back yard with brick patio, and 20 X 40 in-ground pool with can be heated with solar panels or gas. This lovely home features newer roof and windows replaced within 3

$895,000
15.26
ACRES
LAKE
COUNTY
266 Steeplechase Road Barrington Hills, IL 60010
Land For Sale
- Active Under Contract

Build your dream home in the heart of Barrington Hills! Prime 15+ acre site offers beautiful fenced pasture areas, mature trees and an adorable barn! Enjoy bucolic views from this picturesque site perfect for an estate home or an equestrian retreat!

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5
BEDS
4
TOTAL BATHS
4,500
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4
BEDS
4
TOTAL BATHS
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New Listing - 2 weeks online
$350,000
4
BEDS
3
TOTAL BATHS
2,314
SQFT
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Single Family Home For Sale
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