Barrington Village is a great place to live for families, professionals, and anyone looking for a suburban community with easy access to the city. Located in both Lake and Cook County, Illinois, it’s known for its beautiful neighborhoods, excellent schools, and close proximity to Chicago. The village has a population of approximately 10,700 people and covers an area of about 5 square miles.
The community is home to a mix of residential and commercial areas, with a vibrant downtown district that features a variety of shops, restaurants, and services. The village is also surrounded by natural beauty, including parks, forest preserves, and lakes. Barrington Village is known for its excellent schools, including Barrington High School, which consistently ranks as one of the top high schools in the state. The village also has a strong sense of community, with many local events and organizations that bring residents together.
Planning to move to this highly desirable location? Before getting started, check out Barrington Village real estate market prices, trends, and forecast for 2023.
Strong demand, low inventory
The Barrington Village real estate market is expected to remain strong in the coming year. The village is home to a number of desirable amenities. As a result, demand for housing in Barrington Village is expected to remain high, driving up prices. This suggests that buyers are likely to face competition when they are looking for a home in Barrington Village.
Home prices on the rise
The increase in home values is due to a number of factors, including low inventory, strong demand, and a healthy economy. Buyers are willing to pay more for homes in Barrington Village because there are not enough homes on the market.
Interest rates are on the upswing
At present, mortgage interest rates are experiencing an upward trend due to the Federal Reserve's efforts to tackle inflation by increasing interest rates. This translates to higher borrowing costs and an increase in mortgage expenses. The Federal Reserve is anticipated to continue this trend of raising interest rates throughout 2023, indicating that mortgage interest rates are expected to remain elevated for an indefinite period. Therefore, if you are planning to purchase a home, it is imperative to account for the escalation in borrowing expenses and integrate it into your budget.
Barrington Village looks good for landlords
The village is home to a number of factors that are attractive to buyers. As a result, demand for housing in Barrington Village is expected to remain high, driving up prices in the Barrington Village real estate market.
This is good news for landlords, as it means that they can expect to see their property values increase. It also means that they can expect to have more demand for their rental properties, which can lead to higher rents. Landlords should be prepared to make adjustments to their rental properties as needed.
Changing needs of home buyers in Cook County & Barrington Village
With many people spending more time at home due to remote work or school since 2020, individuals have sought out larger homes with yards, home offices, and other amenities. This trend has been particularly evident in Cook County and in the Barrington Village real estate market, where families can find ample space for their ever-changing needs. Because so many homes are suitable for these shifting needs, people are staying in their homes rather than putting them up for sale. This also contributes to the current low inventory in the area.
Barrington Village foreclosure statistics 2023
There were 10 foreclosures filed in Barrington Village in 2022. This represents a foreclosure rate of 0.16%, which is lower than the national foreclosure rate of 0.23%
. The majority of foreclosures in Barrington Village were for single-family homes. The median value of homes that went into foreclosure in Barrington Village was $350,000. The majority of foreclosures were for homes that were worth less than $500,000.
2023 median home prices in Barrington Village
According to a recent report by the North Shore-Barrington Area Association of Realtors, the median sales price for a home in Barrington Village is currently $815,000
. The report also found that the inventory of homes for sale in Barrington Village is 4.4 months, which means the market is out of balance
and skewed toward sellers.
Should you invest in the Barrington Village real estate market?
Barrington Village is a good investment right now for a number of reasons. The unemployment rate in Barrington Village is low, and wages are rising. The district has a number of high-performing schools, which makes it a desirable place to raise a family. Barrington Village is close to a number of amenities, including shopping, dining, and entertainment. The area is surrounded by natural beauty, and it is close to Chicago. This makes it a popular place to live for people who want to enjoy the best of both worlds.
Make your move
When it comes to the Barrington Village real estate market, there's no one better equipped to guide you through the local landscape thanJohn Morrison and the Morrison Home Team
. Partnering with John Morrison and the Morrison Home Team can enable you to take advantage of the unique opportunities available in Barrington Village and find the perfect home. Don't hesitate to reach out today and explore the endless possibilities that await you in this sought-after area.