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!

$599,000
25.76
ACRES
LAKE
COUNTY
27409 West Northwest Highway Barrington, IL 60010
Land For Sale
- Active

25 Acres for $599,000!!! Property runs adjacent to the 4th hole of beautiful Barrington Hills Country Club golf course. DO NOT LET ADDRESS FOOL YOU!! Property is unincorporated Lake County .. approved easement has been purchased by current owner f

$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

$495,000
3
BED
3
TOTAL BATHS
2,156
SQFT
856 Bisque Drive Barrington Hills, IL 60010
Single Family Home For Sale
- Contingent

Totally renovated house in the Paganica neighborhood. New kitchen, 3 new bathrooms and new roof, plus lots more. This list price includes 2 lots. This is a nature lovers paradise with a pond across the street. Bring your fishing pole! Paganica Subdiv

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

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

$699,999
4
BED
4
TOTAL BATHS
2,805
SQFT
26999 West Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Contingent

Just Priced Reduced!!! Welcome Home to this Barrington Classic! Built in 1861, just a few years after the establishment of the village, this is one of Barrington's first residences. The owners have spared no expense over the years updating and mode

$698,000
5
BED
5
TOTAL BATHS
4,080
SQFT
21041 20th Street Barrington, IL 60010
Single Family Home For Sale
- Active

Down 75K 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

$399,000
4
BED
3
TOTAL BATHS
1,800
SQFT
27454 West Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Contingent

Come take a look at this 4 bedroom/2.1 bath RANCH Farmette on 5 acres. Great for boarding horses, this gorgeous pastoral setting is extremely secluded but sits close to village, train and all the amenities of town and country lifestyle. Custom built

$249,899
3
BED
2
TOTAL BATHS
1,680
SQFT
26788 West Highland Road Barrington, IL 60010
Single Family Home For Sale
- Contingent

Opportunity knocks! Huge lot with mature trees! Tons of space to relax or even remodel. Looking for a remodel or expand/build your dream home? This is it! Solid house on or great lot to build your dream home in area of award winning schools. This

Open House 07/11 at 10AM
Please verify times due to COVID-19
$600,000
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

$1,095,000
4
BED
5
TOTAL BATHS
3,606
SQFT
86 Paganica Drive Barrington Hills, IL 60010
Single Family Home For Sale
- Contingent

You will fall in love with this complete transformation. This home has been totally remodeled from top to bottom. It is right out of a magazine. Stripped down to studs, walls moved, plus an addition make this 1960's French Country Estate fit the 2020

Open House 07/12 at 3PM
Please verify times due to COVID-19
$410,000
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

$199,000
4
BED
3
TOTAL BATHS
2,300
SQFT
21101 North 18th Street Barrington, IL 60010
Single Family Home For Sale
- Contingent

Terrific opportunity to renovate, add on or tear down this ranch home with a full walk-out basement. All the serenity of the country yet minutes from all the conveniences you could want. Unincorporated Barrington which means low taxes and endless p

$735,000
5
BED
6
TOTAL BATHS
6,722
SQFT
27598 West Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Contingent

~ DO NOT Miss Out on This ONCE IN A LIFETIME OPPORTUNITY! ~ Winding drive leads you to enjoy tranquil living, magnificent views & one of unincorporated Barrington's finest luxury homes! This hidden GEM, including 5-beds, 5.1-baths and nearly 8,000 sq

$439,000
5.14
ACRES
LAKE
COUNTY
83 Paganica Drive Barrington Hills, IL 60010
Land For Sale
- Active

Beautiful 5.14 acre gated lot that sits just atop a hill with gorgeous landscaped views and mature trees. This pristine site offers peace and quiet and is just a few minutes to downtown Barrington Village and adjacent to the Barrington Hills Country

$1,478,000
4
BED
4
TOTAL BATHS
4,111
SQFT
83 Paganica Drive Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Build your dream home on this beautiful 5.14 acre secluded lot with breathtaking views of mature trees and unmatched natural beauty. Situated on top of a majestic hill, this custom home offers over 4,100 sqft of luxury living. The home's custom de

Open House 07/11 at 1PM
Please verify times due to COVID-19
$599,000
4
BED
4
TOTAL BATHS
3,000
SQFT
26669 West Taylor Street Barrington, IL 60010
Single Family Home For Sale
- New

New Listing - 3 weeks online
$585,000
4
BED
3
TOTAL BATHS
3,200
SQFT
26645 West Taylor Street Barrington, IL 60010
Single Family Home For Sale
- Contingent

Rustic elegance with European country flare. Completely rehabbed in 2016. New windows! New Gable metal roof ! New kitchen! New baths! New Electrical! New plumbing! New HVAC! Heated floors! The home mimics a century-old farm house. Stunning rustic st

$1,700,000
5
BED
6
TOTAL BATHS
4,952
SQFT
28093 West Cuba Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active

This private (5 acre), Minimalist 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 welcomes you to a larg

$1,000,000
4
BED
5
TOTAL BATHS
4,436
SQFT
26441 West Falkirk Circle Barrington, IL 60010
Single Family Home For Sale
- Active

Enjoy the best life has to offer!! This 4BR 3 full and 2 half bath Georgian, on almost 2 acres, in one of Barrington's most prestigious neighborhoods, is being presented for sale for the first time ever. Located just minutes from award winning Barrin

New Listing - 3 weeks online
$889,900
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

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Luby Group Listings

$250,000
3
BED
2
TOTAL BATHS
1,596
SQFT
700 Shoreline Road #A Lake Barrington, IL 60010
Condo For Sale
- Active

Best unfettered view of Golf Course! Massive over-sized two car garage with extra attic storage! (A real bonus in the Carmel model). Walls have been removed to create an open flowing floor plan with updated kitchen, eating area with granite counter t

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

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
1 Burning Oak Trail Barrington Hills, IL 60010
Single Family Home For Sale
- Active

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

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