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!

$489,000
25.76
ACRES
LAKE
COUNTY
27409 W Northwest Highway Barrington, IL 60010
Land For Sale
- Active

25.76 acres .. Unincorporated Lake County adjacent to Barrington Hills/Barrington Hills Country Club! 2 Acre minimum estate zoning with easement access to property through the Paganica subdivision in Barrington Hills. Property is adjacent to the BH

New Listing - 3 weeks online
$569,000
4
BEDS
3
TOTAL BATHS
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 ki

$669,999
4
BEDS
5
TOTAL BATHS
27471 W Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

Incredible custom home on 5+ acres. This custom built 4 Bedroom 4.5 Bath attached insulated 3 car garage, 5100sq ft home with 3800 sq ft above grade, features a great functional floor plan and design that suits today's work at home environment. This

$260,000
5
ACRES
LAKE
COUNTY
27533 W 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

$300,000
3
BEDS
2
TOTAL BATHS
21051 N 20th Street Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

Updated ranch backing to a pond in a private setting surrounded by mature trees. Hardwood floors throughout most of the home. Freshly painted & new light fixtures throughout. Spacious & bright living room with big picture window & new baseboard trim.

Open House Sun, Apr 18, 6 PM UTC
Please verify times due to COVID-19
$549,900
3
BEDS
3
TOTAL BATHS
833 Dormy Lane Barrington Hills, IL 60010
Single Family Home For Sale
- Active Under Contract

Elegance awaits you in this beautiful updated home of the quiet Countryside in Barrington Hills and views of a Pond. Paganica is a desirable destination you will be at home here. Hardwood floors through out, first floor study with adjacent full upd

$250,000
4.93
ACRES
LAKE
COUNTY
21732 N Harbor Road Barrington, IL 60010
Land For Sale
- Active Under Contract

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 - 2 weeks online
$429,000
3
BEDS
3
TOTAL BATHS
20909 N Hart Road Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

Spacious all brick ranch home on 4.1 acres with a barn and solid oak fencing for pastures. Set back from the road and picturesque. Huge partially finished basement in addition to a full unfinished attic (waiting to be finished), adds a lot of square

New Listing - 3 weeks online
$1,385,000
5
BEDS
6
TOTAL BATHS
28093 West Cuba Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Refreshingly and artistically designed, this prairie-style retreat offers luxury, functionality and tranquility on five pristine acres. A winding private drive and grande porte-cochere lead to this fabulous sanctuary. A refined foyer opens to the s

New Listing - 2 weeks online
$750,000
4
BEDS
3
TOTAL BATHS
21960 N Harbor Road Barrington, IL 60010
Single Family Home For Sale
- Pending

Outstanding turnkey home on 5 acres with stocked pond is picture perfect in every way and just minutes from town, schools and shopping! This could be your dream hobby farm in the country so bring your horses, chickens, other pets; plan a harvest fro

New Listing - 3 weeks online
$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

New Listing - a week online
$1,075,000
4
BEDS
5
TOTAL BATHS
21606 Old Barrington Road Barrington, IL 60010
Single Family Home For Sale
- Pending

This exquisite custom home combines elegance and timeless sophistication. Set on a stunning 5-acre site with tennis court and pool, this residence provides the ultimate in resort style living. Stylish, detailed finishes are found throughout this amaz

$699,900
3
BEDS
4
TOTAL BATHS
22035 N 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 . MASTER BEDROOM /ATRIUM DOOR TO THE P

$1,499,000
5
BEDS
5
TOTAL BATHS
8 W County Line Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active Under Contract

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

$1,344,900
4
BEDS
4
TOTAL BATHS
100 Devon Lane North Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

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

Open House Sun, Apr 18, 5 PM UTC
Please verify times due to COVID-19
$695,000
4
BEDS
5
TOTAL BATHS
22278 NW Brookside Way Lake Barrington, IL 60010
Single Family Home For Sale
- Active

You will fall in love with the curb appeal of this exceptional home the minute you pull up . Beautiful grand two story foyer greets you as you enter this stately home that is flooded with natural light. Over 7000 square ft with all three levels. Fres

New Listing - 2 weeks online
$600,000
8.71
ACRES
COOK
COUNTY
126 Brinker Lot 9 Road Barrington Hills, IL 60010
Land For Sale
- Active Under Contract

Sold before processing

New Listing - 3 weeks online
$484,900
6
BEDS
4
TOTAL BATHS
Address Withheld Hoffman Estates, IL 60010
Single Family Home For Sale
- Active

$619,900
4
BEDS
5
TOTAL BATHS
22257 NW Brookside Way Lake Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

This gorgeous custom home in Lake Barrington! Minor updating needed, the possibilities are endless. The beautiful white Kitchen features a breakfast nook, center island, breakfast bar and opens to the Family Room. The family room offers vaulted ceili

New Listing - 2 weeks online
$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

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