North Shore and Barrington Area Home Sale Prices Continue to Rise

As the weather gets warmer, home prices in the North Shore and Barrington area are beginning to gain traction. According to data from the North Shore – Barrington Association of Realtors (NSBAR), the median sales price for closed homes has increased by 5.3 percent to $378,000 throughout the month of March.

The number of new listings in the North Shore and Barrington region has increased by 25.4 percent compared to March of last year –totaling 1,486 new listings. Year-to-date the number of new listings increased by 21.4 percent to 3,462 homes compared to 2,851 last year.

“With so many more homeowners offering their homes for sale, and with the traditional Spring market in full bloom, this could be a tremendous opportunity for those buyers and sellers who really want to make a change in their housing needs and wants,” said NSBAR Board President and broker with Realty Advisors North Wayne Paprocki, MCNE, DREI, GRI. “This is something special we have not seen for several years and it’s a win-win for all consumers.”

NSBAR also reports that the number of closed sales compared to February is up by nearly 200 homes—to 540 closed sales in March, which is an increase of 20 percent compared to last year. The number of properties under contract has also continued to surge, resulting in a gain of 25.5 percent compared to March of last year.

“We have seen a very slight increase in mortgage rates over the last month. It will be interesting to see if this will have an effect with the young adult buyers,” commented NSBAR CEO Steve Volkodav. “Multiple generational living still is attractive to millennials, which makes it much more difficult to assure them that now’s a good time to buy.”

For more information, visit www.nsbar.org.