Market Update, 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 - 2 weeks online
$90,000
0.18
ACRES
LAKE
COUNTY
20944 Rub Of Green Lane Barrington Hills, IL 60010
Land For Sale
- Active

This neighborhood, called Paganica, is a hidden gem in the Village of Barrington Hills. Most of Barrington Hills is zoned for 5 acre home sites. However, Paganica is development of smaller home sites. There are 40 lots total, most of them have been b

New Listing - 4 weeks online
$105,000
0.93
ACRES
LAKE
COUNTY
21174 North 21st Street Barrington, IL 60010
Land For Sale
- Active

Great opportunity to build a modestly-sized home located in a park-like setting with affordable, unincorporated Lake County taxes. This 0.93 acre lot includes two parcels: 21174 N 21st (13-27-406-007) and 21200 N 21st (13-27-406-006). Recent engine

$270,000
5
ACRES
LAKE
COUNTY
27533 West Cuba Road Barrington, IL 60010
Land For Sale
- Active

Your Barrington address awaits you. Architect your dreams and build the memories that last a lifetime! Five acre estate lot. Mature trees and open spaces. Barrington 220 school district. Sloping terrain for walk-out. Prestigious Cuba Rd. address. Do

$2,799,000
5
BED
8
TOTAL BATHS
8,747
SQFT
320 Oak Knoll Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

A winding lane and brick drive past a private pond is your first introduction to this beautiful English Country Manor home set on 5.4 lush acres in the heart of Barrington Hills. This prime setting on Oak Knoll Road offers a peaceful setting, manicur

$287,000
4
BED
2
TOTAL BATHS
2,132
SQFT
21182 North 19th Street Barrington, IL 60010
Single Family Home For Sale
- Contingent

On the market for the first time! This great 1964 mid-century split on a quiet cul-de-sac has been lovingly lived in and cared for by the same family for decades. Don't miss this opportunity to get into the highly rated Barrington school district at

Price Change - 2 weeks ago
$685,000
5
BED
5
TOTAL BATHS
4,080
SQFT
21041 20th Street Barrington, IL 60010
Single Family Home For Sale
- Active

Down 90K from original list price! Motivated seller! Gorgeously remodeled 5 bedroom 4.1 bath home on a lake with over 5,500 sq. ft. of finished space including the finished walkout basement. Updated kitchen with white cabinets and quartz counter tops

$448,000
4
BED
3
TOTAL BATHS
2,332
SQFT
26895 West Taylor Street Barrington, IL 60010
Single Family Home For Sale
- Active

Simply Lovely! Move right into this turnkey home that has been updated from top to bottom! Welcoming front porch greets you with a beautiful stone & brick walkway. Freshly painted with hardwood flooring throughout, gorgeous crown molding, updated bat

$650,000
4
BED
4
TOTAL BATHS
2,749
SQFT
21624 North Harbor Road Barrington, IL 60010
Single Family Home For Sale
- Contingent

Wow- a 10+! Sprawling tri-level on just shy of 6 acres with a steel horse barn and pastures minutes from town, this horse property is a decorator's dream with many newer custom built-ins and finishes! Awesome distressed black and white tuxedo kitchen

$575,000
4
BED
4
TOTAL BATHS
3,440
SQFT
819 Dormy Lane Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Desirable Paganica subdivision. This Charles Pope designed home has recently been totally updated! The home features an open floor plan boasting 16 feet ceilings. Welcome home to beautiful Great Room with soaring two -sided brick fireplace and wall t

New Listing - 5 days online
$250,000
4.93
ACRES
LAKE
COUNTY
21732 North Harbor Road Barrington, IL 60010
Land For Sale
- New

Are you dreaming of peace and quiet? This parcel is calling your name. Down a private road you will find an oversized out building with concrete floor, electric and room for all your toys. You could build your dream home in the country yet close to t

New Listing - 3 weeks online
$390,000
3
BED
2
TOTAL BATHS
1,651
SQFT
26845 West Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Active

If you are looking for a house with a breath-taking view, a huge workshop/barn 65 x 40Ft with concrete slab floor, and privacy, this is definitely a must-see!! Incredible opportunity to own a unique property in unincorporated Barrington, located on a

New Listing - 5 days online
$475,000
2
TOTAL BATHS
238 Oak Knoll Road Barrington Hills, IL 60010
Land For Sale
- Contingent

Fabulous opportunity to build your dream home! This beautiful 5 acre wooded site is a stone's throw from the village and located on prestigious Oak Knoll Road. Graced with gorgeous old oaks and heavily wooded, the rolling terrain falls away making it

$1,485,000
5
BED
6
TOTAL BATHS
4,952
SQFT
28093 West Cuba Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

This Frank Lloyd Wright inspired contemporary prairie estate is truly one-of-a-kind. As you enter through the gate on the long 16ft wide driveway, you will notice the professionally landscaped grounds and a convenient porte-cochere. The main level we

Price Change - 2 weeks ago
$756,000
3
BED
4
TOTAL BATHS
2,020
SQFT
22035 North Harbor Road Barrington, IL 60010
Single Family Home For Sale
- Active

VERY RARE AG ZONED WITH LARGE INDOOR ARENA 11 STALLS AND PADDOCKS . WONDERFUL COOK'S KITCHEN WITH PANTRY AND FIRST FLOOR LAUNDRY. 29 X 19 FAMILY RM WITH FIREPLACE. DINING ROOM HAS A FIREPLACE TOO, A WONDER PLACE TO ENTERTAIN. MASTER BEDROOM /ATRIUM D

$1,499,000
5
BED
5
TOTAL BATHS
5,500
SQFT
8 West County Line Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Extraordinary 10.24 acres estate runs the length of the 16th and 17th holes of the Barrington Hills Country Club. The spacious 5 Bedroom / 4.1 Bathroom home was built in 1957 and designed by Herbert Banse, a noted architect and apprentice of Frank L

New Listing - 2 weeks online
$745,000
4
BED
4
TOTAL BATHS
3,745
SQFT
21426 North Prestwick Drive Barrington, IL 60010
Single Family Home For Sale
- Active

$8
1.83
ACRES
LAKE
COUNTY
27966 West Commercial Avenue Lake Barrington, IL 60010
Commercial For Sale
- Active

11,564 SF industrial space in Lake Barrington $8,500/mo. gross. Space includes an 864 SF mezzanine office, (2) 12x14 DIDs, (2) interior truck docks, (1) with leveler. 18'-21' clear ceilings, 400 amp / 240V/ 3 phase power and approx 10 parking spaces.

$1,344,900
4
BED
4
TOTAL BATHS
4,476
SQFT
100 Devon Lane North Barrington, IL 60010
Single Family Home For Sale
- Contingent

Elegantly designed Modern Farm House on 5+ rolling/wooded acres. Only the finest materials & master craftsmanship will be used in this home. Incredible open floor plan & first floor master suite. Maintenance free Hardie board siding, hardwood floors

New Listing - 5 days online
$1,150,000
6
BED
7
TOTAL BATHS
5,875
SQFT
21435 North Prestwick Drive Barrington, IL 60010
Single Family Home For Sale
- New

One of Barrington's prettiest homes. Storybook charm, character and curb appeal prevail in this classic Cape Cod which features 5+ bedrooms & 6.1 baths! Perched on 2+ acres with a flexible floorplan, high ceilings and hardwood floors. This tranquil c

$189,900
LAKE
COUNTY
999 Confidential Avenue Confidential, IL 60010
Commercial For Sale
- Active

Wonderful investment opportunity! High Gross sales for this Subway in this prestigious North Suburban town! No other Subway in town! Free standing building with lots of parking! Great signage on two sides of building plus directional sign from street

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Luby Group Listings

$519,000
3
BED
5
TOTAL BATHS
4,350
SQFT
126 Waterview Court Lake Barrington, IL 60010
Townhouse For Sale
- Contingent

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

$330,000
COOK
COUNTY
113 South Cook Street Barrington, IL 60010
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 days online
$529,900
4
BED
4
TOTAL BATHS
4,026
SQFT
21020 North Pheasant Trail Deer Park, IL 60010
Single Family Home For Sale
- New

Rare offering in The Squires! Beautiful 1.2 acre property surrounds this home. Enter through a bright, open foyer to formal living and dining areas with views of the back yard. Spacious kitchen, updated features a center island, stainless appliances

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