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!

$489,000
25.76
ACRES
LAKE
COUNTY
27409 W Northwest Highway Barrington, IL 60010
Acreage & Farm 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 - 2 weeks online
$569,000
4
BEDS
4
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

New Listing - a week online
$549,999
4
BEDS
5
TOTAL BATHS
27169 W Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

Nature lovers - amazing oasis just minutes to town. Neighbors close but not in sight. The house is the perfect distance off of Cuba Road and is a pandemic paradise. Brick construction on 7.6+ beautiful wooded acres off of a private drive and cul-de-

$90,000
0.18
ACRES
LAKE
COUNTY
20944 Rub Of Green Lane Barrington Hills, IL 60010
Land For Sale
- Pending

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

$95,000
0.93
ACRES
LAKE
COUNTY
21174 N 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

$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

$2,799,000
5
BEDS
10
TOTAL BATHS
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

$680,000
5
BEDS
6
TOTAL BATHS
21041 20th Street Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

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

$423,000
4
BEDS
4
TOTAL BATHS
26895 W Taylor Street Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

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

$49,900
0.5
ACRES
COOK
COUNTY
Lot 4 18th Street Barrington, IL 60010
Land For Sale
- Active Under Contract

Enjoy a slice of the American pie and build your dream home close to the heart of the Village of Barrington! Can also be combined or configured with Hart Rd. lots 1, 2, and 3. This lot is located on a quiet street (North 18th Street). Here you will

New Listing - 4 days online
$650,000
4
BEDS
5
TOTAL BATHS
21624 N Harbor Road Barrington, IL 60010
Single Family Home For Sale
- Active

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

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

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
$569,000
3
BEDS
4
TOTAL BATHS
811 Dormy Lane Barrington Hills, IL 60010
Single Family Home For Sale
- Active Under Contract

Super Special Paganica Listing!! Quiet, secluded Barrington Hills location though close to town, schools, BHCC .. without the large lot maintenance or taxes! Spectacular lot with stunning lush lawn, water views and open, park like settings front an

New Listing - 3 weeks online
$1,385,000
5
BEDS
8
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

$699,900
3
BEDS
5
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 TO ENTERTAIN. MASTER BEDROOM /ATRIUM D

New Listing - 3 weeks online
$1,499,000
5
BEDS
6
TOTAL BATHS
8 W 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

$699,500
4
BEDS
4
TOTAL BATHS
21426 N Prestwick Drive Barrington, IL 60010
Single Family Home For Sale
- Active

GORGEOUS FRENCH COUNTRY HOME BEAUTIFULLY DESIGNED, MAINTAINED AND UPDATED. THIS ALL BRICK HOME IS SITUATED ON ALMOST TWO ACRES OF PROFESSIONALLY LANDSCAPED PROPERTY. INSIDE YOU WILL FIND A WIDE OPEN FLOW WITH HIGH CEILINGS AND HARDWOOD FLOORS. THE LI

$1,344,900
4
BEDS
5
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

$1,140,000
5
BEDS
8
TOTAL BATHS
21435 N Prestwick Drive Barrington, IL 60010
Single Family Home For Sale
- Active

This perfectly appointed stately home perched on 2+ acres is poised for a pool! Storybook charm, character and curb appeal prevail in this classic Cape Cod which features 6 bedrooms & 6.1 baths with a flexible floorplan, high ceilings and hardwood fl

$997,000
5
BEDS
8
TOTAL BATHS
21095 N Prestwick Drive Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

If it's serenity and space you desire, look no further! This enchanting Cape Cod home is set on a picturesque 6+ acre cul-de-sac site. Beautifully designed, updated and freshly painted in today's colors with thick crown moldings and gleaming hardwood

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Luby Group Listings

$330,000
1,294
SQFT
113 S 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 - a week online
$624,500
4
BEDS
4
TOTAL BATHS
677 Bent Ridge Lane Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

The instant you walk thru the front door of this 3,778 sf colonial style home, you feel the warmth of it's modern updates! The foyer is welcoming with fresh paint, white trim, wainscoting that surrounds you and cascades up the staircase with a beauti

New Listing - 2 weeks online
$829,900
4
BEDS
7
TOTAL BATHS
109 Hillshire Drive Barrington, IL 60010
Single Family Home For Sale
- Active

NOW A BRAND NEW HOUSE! ALMOST NOTHING UNTOUCHED! FRESHLY PAINTED THROUGHOUT, AND NOW WITH BEAUTIFUL WHITE TRIM! And that's not all....New carpet, newly refinished hardwood floors, brand new appliances, and freshly painted beautiful white kitchen cabi

New Listing - 2 weeks online
$375,000
4
BEDS
4
TOTAL BATHS
250 Florence Avenue Inverness, IL 60010
Single Family Home For Sale
- Pending

Welcome to 250 Florence Avenue in beautiful Inverness. Situated on approximately 3/4-acre corner lot, this lovingly maintained home is a sprawling 4-bedroom, 2.1 bathroom with an attached 4 car garage, and an immaculate unfinished basement. An abunda

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