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!

Open House 02/24 at 12PM
$429,980
3
BED
3
TOTAL BATHS
1,866
SQFT
527 Pershing Lot #13.02 Court Barrington, IL 60010
Townhouse For Sale
- Active

Welcome to Brentwood! M/I Homes newest townhome community in Barrington! Step into the Burnham...This is the spacious bright open layout you have been searching for! First floor areas featuring hardwood floors, open kitchen w/huge walk in pantry, Mas

$349,900
1.33
ACRES
COOK
COUNTY
57 Covered Bridge (Lot 1) Road South Barrington, IL 60010
Land For Sale
- Active

Rare building site in Sunset Ridge Farms! Large lot with rolling topography and mature trees in established subdivision. Utilities to site, NO homeowner's association! Design your dream home and build it here. Charming covered bridge adds charact

Open House 02/24 at 12PM
$399,990
2
BED
3
TOTAL BATHS
1,877
SQFT
514 Pershing Lot #10.03 Court Barrington, IL 60010
Townhouse For Sale
- Active

Welcome to Brentwood! M/I Homes newest townhome community in Barrington! This brand new home has all the bells & whistles and its PRICED TO SELL! ORIGINALLY PRICED AT $441,400 NOW $409,990 with a POND VIEW to top it off! The open layout showcases ha

$429,900
3
BED
3
TOTAL BATHS
3,522
SQFT
76 Lake Shore Drive Barrington, IL 60010
Single Family Home For Sale
- Active

Great Hillside ranch on fabulous wooded and private lot one block away from private lake/ beach . Home features 3 bedrooms 3 full baths . Hardwood floors in main level. Vaulted ceilings with sky lights and plenty of light. Dramatic staircase. All new

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

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

$299,000
5.52
ACRES
LAKE
COUNTY
100 Devon Lane North Barrington, IL 60010
Land For Sale
- Re Activated

Build your dream home in Old Barrington Estates! Estate lot 6 set in cul-de-sac facing North stretching over 5+ acres offering water features, bridle paths & paddock fencing! This estate lot is surrounded by mature trees & is walking distance to the

$899,000
LAKE
COUNTY
20220 North Rand Road Deer Park, IL 60010
Land For Sale
- Contingent

2 Corner lots! Over 1 Acre! At traffic light intersection. Southeast corner of Rand and Plum Grove Roads - access from both sides. Great opportunity for development.

New Listing - 4 days online
$445,000
4
BED
3
TOTAL BATHS
2,228
SQFT
20615 North Westpark Place Deer Park, IL 60010
Single Family Home For Sale
- New

This Amazing Oasis is surrounded by nature yet in the heart of Deer Park! This large corner unit town home has stunning curb appeal! The family room boasts dramatic cathedral ceilings, fireplace & lots of natural light. The homes wide open open flo

$429,000
3
BED
4
TOTAL BATHS
2,228
SQFT
20605 North Westpark Place Deer Park, IL 60010
Townhouse For Sale
- Price Change

Welcome home to this elegant 2-story townhome with luxurious upgrades located by Deer Park Town Center! The foyer opens to dramatic 2-story dining room or living room. Gorgeous kitchen features stainless steel appliances, crown molding & maintenance

New Listing - 2 weeks online
$475,000
3
BED
3
TOTAL BATHS
2,507
SQFT
21885 West Talia Lane Deer Park, IL 60010
Townhouse For Sale
- Active

WOW! Upgraded END UNIT town home in highly sought after Deer Park shows like the pages of a magazine! LARGEST FLOOR PLAN in the subdivision features 3 bedrooms, an open loft & an office upstairs PLUS an additional first floor office. Main level feat

$469,000
3
BED
3
TOTAL BATHS
2,040
SQFT
21941 West Tori Lane Deer Park, IL 60010
Townhouse For Sale
- Active

A Stunning End-Unit Town Home with a Gorgeous Pond and Wetlands View. The lucky buyer will receive a silver 2006 Lexus SC430 convertible free and clear. Home loaded with upgrades. Features include: home security system, corian & granite counters, cus

$439,900
3
BED
4
TOTAL BATHS
2,218
SQFT
21958 West Talia Lane Deer Park, IL 60010
Townhouse For Sale
- Active

Own this truly custom built townhome in popular Deer Park Estates. This home was built as the model and current/original owner added so much more. Gorgeous 3 bedroom, 3 1/2 bathroom features gourmet custom designed eat-in kitchen with stainless stee

$410,000
4
BED
3
TOTAL BATHS
2,774
SQFT
522 Court Touraine Deer Park, IL 60010
Single Family Home For Sale
- Active

Welcome to this fully updated 2-Story Brick Home situated in a cul-de-sac! Step through the front door and be immersed in luxury! Top-of-the-Line finishes throughout! Master Suite features a private, full bathroom and Walk-In Closet! Fully Updated Ki

$1,599,000
15.03
ACRES
COOK
COUNTY
10 South Freeman Road South Barrington, IL 60010
Land For Sale
- Active

Pure ecstasy! This 15 acre parcel offers the most blissful views available in all of S. Barrington. Consisting of 4 pin #'s w/the ability to subdivide into 13, 1 acre parcels.Presenting a lightly wooded perimeter w/serene pond views and privacy that

$399,000
4
BED
3
TOTAL BATHS
3,201
SQFT
217 Rue Jardin Deer Park, IL 60010
Single Family Home For Sale
- Active

This delightful 2-story home with breathtaking views on a quite end of street cul-de-sac . This 4-bedroom, 3-bathroom home has a 3-car garage with new garage doors-giving you 3201 sq. ft. of spacious living space with lots of natural light throughout

$2,200,000
6
BED
9
TOTAL BATHS
12,707
SQFT
2 Blossom Court South Barrington, IL 60010
Single Family Home For Sale
- Active

Magnificent estate! Located in the prestigious gated community of Magnolia Pointe, nothing has been overlooked in this custom-built brick home with finished walkout lower level. The tone of the house is set beginning in the dazzling two story foyer w

$1,999,000
2.7
ACRES
COOK
COUNTY
50 West Higgins Road South Barrington, IL 60010
Land For Sale
- Active

Approximately 2.7 Acres with frontage on Higgins and Bartlett Rd. Current income from cell tower. Combine with the neighboring property (MLS#09516056) to create 3.56 acre corner development. Commercial development must be approved by South Barrington

$2,460,000
5
BED
8
TOTAL BATHS
8,600
SQFT
6 Blossom Court South Barrington, IL 60010
Single Family Home For Sale
- Active

Build your "Dream Home" with Barrington's most established and well respected home builder, Harris Custom Builders. The "Porte Cochere" model features designer luxe finishers that will make your dream come alive. Exotic car enthusiasts rejoice as yo

$399,000
1.31
ACRES
COOK
COUNTY
6 Blossom Court South Barrington, IL 60010
Land For Sale
- Active

LOT 13 - Build your "Dream Home!" 1.31 acre lot (EAST facing) in the exclusive Magnolia Pointe in South Barrington. This gated community consists of exceptionally designed homes with amenities such as tennis courts, sand volleyball, a gazebo and plus

$2,350,000
5
BED
6
TOTAL BATHS
8,730
SQFT
18 Star Lane South Barrington, IL 60010
Single Family Home For Sale
- Active

Build your "Dream Home" with Barrington's most established and respected home builder, Harris Custom Builders. The "Stone Manor Estate" Model features exquisite luxury finishes of Old World elegance. You don't have to step back into time to see your

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Luby Group Listings

$689,000
5
BED
4
TOTAL BATHS
3,629
SQFT
1 Burning Oak Trail Barrington, IL 60010
Single Family Home For Sale
- New

Stunning home on 2.2 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

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4
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Single Family Home For Sale
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$650,000
4
BED
5
TOTAL BATHS
4,575
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Single Family Home For Sale
- Active

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$500,000
4
BED
4
TOTAL BATHS
3,639
SQFT
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Single Family Home For Sale
- Active

Spacious home is nestled in a lush wooded setting situated at the end of a cul de sac just minutes from downtown Barrington. The 1st floor is complete with LR,DR,K leading to a deck, EAS and a study with a vaulted ceiling, skylights and a two sided