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 Under Contract

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 BHCC

$1,090,000
5
BEDS
6
TOTAL BATHS
4,629
SQFT
27149 W Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

Tucked away on a private road 5 minutes from the Village of Barrington and the Metro Station, this magnificent secluded retreat stretches across 5 acres of land and has more amenities than you can imagine. Designed and built by the current architect/

Open House Sun, Jan 30, 7:30 PM UTC
Please verify times due to COVID-19
$585,000
4
BEDS
4
TOTAL BATHS
3,440
SQFT
819 Dormy Lane Barrington Hills, IL 60010
Single Family Home For Sale
- Active

2 FIRST FLOOR BEDROOM SUITES!! Move in ready .. Kitchen and bathrooms remodeled in past 5 years!! Loads of wonderful, new, ample closet space and storage!! Very tasteful and completely updated! Beauty and Privacy of Barrington Hills, yet very close t

$829,900
4
BEDS
4
TOTAL BATHS
3,200
SQFT
815 Dormy Lane Barrington Hills, IL 60010
Single Family Home For Sale
- Active Under Contract

FULLY REMODELED RANCH HOME! Nestled on almost an acre of serene land, this 4 bedroom, 3.1 bathroom home boasts 2 master bedrooms, finished walk-out basement, 3 car garage and stunning finishes throughout. Double doors lead you into the homes volumino

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

Follow the winding driveway and park under your Porte-Cochere to enter this 5 Bedroom, 4.2 bath Private Oasis situated on 5 acres. This Frank Lloyd Wright prairie-style custom-built home is being offered by its original owner and displays immense pri

$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

$1,195,000
5
BEDS
6
TOTAL BATHS
4,028
SQFT
26440 W Falkirk Circle Barrington, IL 60010
Single Family Home For Sale
- Active

This perfectly appointed 5 bed, 4.2 bath Cape Cod home will charm you from the moment you walk in! Light filled rooms and a fabulous floor plan offer an ideal blend of casual living and elegant entertaining spaces. Beautifully updated throughout and

Short Sale
$699,900
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

$675,000
1,000
SQFT
27982 W Commercial Avenue Lake Barrington, IL 60010
Commercial For Sale
- Active

This 10, 000 square foot industrial space is completely heated and air conditioned (yes, even in the warehouse). You will also have a depressed dock and a drive-in door. The office is 1, 646 sq ft and is comprised of a showroom, reception area, and t

$2,475,000
5
BEDS
6
TOTAL BATHS
6,000
SQFT
99 Brinker Lot #1 Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

4 LOTS TO PICK FROM *** Amazing opportunity to turn this project into your Castle. From Old World Chateau's to Modern day Farmhouses - peruse library of blueprints or design your home from the ground up. Pamper yourself with the latest in luxury livi

$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

$2,000,000
21.5
ACRES
COOK
COUNTY
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. First home has 3 bedrooms and 2 baths with full basement and 2 car garage. Second house has 2 bedrooms, 2 baths and full basement. So much more to see!

$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!

$1,975,000
5
BEDS
6
TOTAL BATHS
5,000
SQFT
99 Lot#3 Brinker Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

WATER VIEW! *** Amazing opportunity to turn this project into your Castle. From Old World Chateau's to Modern day Farmhouses - peruse library of blueprints or design your home from the ground up. Pamper yourself with the latest in luxury living. Buil

$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. 4 NEW HOMES PLANNED ON 21 ACRES ** 32 Luxury Homesites Available from CASTLE BLDRS. Broker has owne

$499,000
6.59
ACRES
LAKE
COUNTY
25 Peraino Circle Barrington Hills, IL 60010
Land For Sale
- Active

Opportunity & Great Price! Creekside Meadows prime 6.5 acres offers wonderful building site and wooded portion as well. Premium lot in newer Barrington Hills subdivision of multimillion dollar estates. Property offers great options for walk-out lower

Price Change - 2 weeks ago
$320,000
2
BEDS
2
TOTAL BATHS
1,246
SQFT
206 N Hager Avenue Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

206 N Hager is a Sears home located in the heart of Barrington. The home offers 2 bedrooms and 2 bath. The kitchen has new windows with quartz countertops and newly installed tile floors, as well as kitchen cabinets. Very large and updated main floor

$3,100,000
5
BEDS
7
TOTAL BATHS
5,987
SQFT
415 Caesar Drive Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Resort Living in the heart of Barrington Hills. Enjoy your private waterfront estate featuring an in-ground pool, full-size basketball and tennis courts with a full locker room with private showers, water closets plus laundry room. The 4-stall barn o

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$160,000
0.52
ACRES
COOK
COUNTY
1100 Prairie Avenue Barrington, IL 60010
Land For Sale
- Active

This beautiful neighborhood lot provides a half acre of flat land without any covenants or restrictions. Located just over a mile southeast of downtown Barrington, this fantastic property is only a few blocks away from award-winning Grove Avenue Elem

$2,499,499
6
BEDS
8
TOTAL BATHS
10,918
SQFT
1 Shire Trail South Barrington, IL 60010
Single Family Home For Sale
- Active

THIS MAGNIFICENT CUSTOM ESTATE in prestigious Cutters Run will captivate you the moment you drive through the private gate! Architecturally superior designs and elegant finishes adorn this beautiful home! BEAUTIFUL MAHOGANY DOORS WELCOME you as you e

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