Is Lake Barrington, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Barrington is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Lake Barrington has remained a Seller's Market.

Key Takeaway

Lake Barrington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lake Barrington, IL

How much do homes in Lake Barrington, IL cost?

Median Sold Price

$410,000

$178/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$1,000(+0.2%)

Key Takeaway

The sold price of homes in Lake Barrington has remained the same since last year.

Summary: The median home sold price in Lake Barrington was $410,000 in May 2024, up 0.2% from last year, and the median price per square foot was $178.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $275K$225K
-18.2%
2 $274.9K$309.5K
+12.5%
3 $360K$420K
+16.7%
4 $630K$609.9K
-3.2%
5+ $819K$615K
-24.9%

Summary: Lake Barrington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.2%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 16.7%, 4 bedroom homes decreased by 3.2%, and 5+ bedroom homes decreased by 24.9%.

Median Sold Price Compared To Nearby Cities

North Barrington
+28.5%
Tower Lakes
+22.4%
Cuba Township
+2.9%
Lake Barrington
0.2%

Housing Supply in Lake Barrington, IL

How many homes are available in Lake Barrington, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3853+39.5%

Summary: The Lake Barrington real estate market had 53 homes for sale in May 2024, a 39.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 01
+100.0%
2 1516
+6.7%
3 913
+44.4%
4 1018
+80.0%
5+ 45
+25.0%

Summary: The Lake Barrington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 80%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1113+18.2%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Barrington, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Lake Barrington in May 2024, up by 18.2% month-over-month. Of the 13 sold homes, 54% were sold under asking, 15% were sold at asking, and 31% were sold over asking.

Days on Market for Lake Barrington, IL

How long does it take to sell a home in Lake Barrington, IL?

Average Sale Time

May 2023May 2024CHANGE
22 Days13 Days-39.5%

Summary: Homes in Lake Barrington had an average of 13 days on market in May 2024, down by 39.5% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lake Barrington are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 13 homes were sold in Lake Barrington; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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