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!

$175,000
4
BEDS
3
TOTAL BATHS
1,383
SQFT
21116 N 24th Street Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

AS-IS ONLY - INVESTOR SPECIAL OPPORTUNITY! SINGLE FAMILY HOME WITH LOWER LEVEL ROOMS TO RENT POSSIBILITY. MAIN FLOOR IS VERY NICE WITH A ENCLOSED FRONT PORCH, LARGE LIVING & DINING ROOM COMBO, KITCHEN, TWO BEDROOMS AND TWO BATHS. THE LOWER LEVEL

$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 BH

$569,000
4
BEDS
3
TOTAL BATHS
4,066
SQFT
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

$1,200,000
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/

$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

New Listing - 4 weeks online
$935,000
4
BEDS
4
TOTAL BATHS
5,737
SQFT
27158 W Cuba Road Barrington, IL 60010
Single Family Home For Sale
- Active

Almost 6000 square-foot brick & sandstone Tudor with terra cotta accents! This serene, secluded retreat sits on 5+ private acres in unincorporated Lake county-zoning allows for horses! Beautiful mature perennial garden in the front of the property is

New Listing - 4 weeks online
$550,000
4
BEDS
4
TOTAL BATHS
3,440
SQFT
819 Dormy Lane Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Oh so tasteful and completely updated! Beauty and Privacy of Barrington Hills, yet very close to town, schools, clubs, etc. Paganica Subdivision has beautiful common areas with creek, ponds, sweeping green lawns .. but the lots are small and easy t

$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

$899,000
3
BEDS
4
TOTAL BATHS
3,029
SQFT
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
5,500
SQFT
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

Price Change - 3 weeks ago
$750,000
4
BEDS
5
TOTAL BATHS
4,485
SQFT
26345 W Glenbarr Lane Barrington, IL 60010
Single Family Home For Sale
- Active

Barrington Oak Meadows charmer with a private yard! Set on a 1.845 acre wooded lot among the wonderful executive homes in this amazing neighborhood. This cedar and brick two story home with a circular driveway boasts a first floor primary bedroom,

$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 s

$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

Short Sale
$579,900
3
BEDS
3
TOTAL BATHS
2,300
SQFT
4 W County Line Road Barrington Hills, IL 60010
Single Family Home For Sale
- Active Under Contract

Under Contract CC: Pursuant to a short sale: Mid Century Modern 3 bedroom 3.5 bath walk out ranch on an amazing piece of property with stunning views of the private pond; stocked for fishing in the summer or pond hockey in the winter. Newer built 5

New Listing - 2 weeks online
$725,000
5
BEDS
4
TOTAL BATHS
3,842
SQFT
27068 W Driftwood Court Lake Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

In a time where day-to-day functionality and a level of simplistic convenience plays such a significant role in how and where we live. West Brookside Ridge nails it while being centrally located to the hospital, schools, shopping, entertainment and r

Short Sale
$730,000
6
BEDS
8
TOTAL BATHS
10,873
SQFT
10 Old Hart Road Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

CC: Pursuant to Short Sale. FULLY APPROVED SHORT SALE - CASH ONLY. The buyer must be able to close in 30 days HIGHLY DISTRESSED Property, Mold is present. Barrington Hills gated 5 acre horse property on a private stocked pond located 2 blocks from B

$715,000
4
BEDS
5
TOTAL BATHS
4,646
SQFT
27099 W Driftwood Court Lake Barrington, IL 60010
Single Family Home For Sale
- Active Under Contract

CHECK OUT THE 3D VIRTUAL TOUR!!!! Welcome home to a spectacular, meticulously maintained beautiful brick front facade 4-bedroom traditional home with an amazing walk out English basement (only 2 in the neighborhood), heated 3 car attached garage with

$1,895,000
5
BEDS
8
TOTAL BATHS
7,892
SQFT
115 Dunrovin Drive Barrington Hills, IL 60010
Single Family Home For Sale
- Active

Where timeless luxury meets tranquility down a long and winding drive, we proudly present this exquisite custom built Georgian Manor spanning the heart of horse country in charming Barrington Hills. Tucked in on five rolling and wooded acres and bo

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