North Shore and Barrington Area Housing Market Shows Increased Inventory and Home Prices

Spring is in full swing in the North Shore and Barrington area as reflected by the large increase of homes being put on the market and steady increase of home sale prices. According to data from the North Shore - Barrington Association of Realtors (NSBAR), the inventory of homes in the North Shore and Barrington region has increased by 16.3 percent compared to this time last year.

Additionally, the median sales price has continued to steadily rise. In April, the median sales price rose by 3.0 percent to $399,000. Based on the current year, the median sales price is 3.2 percent higher than it was at this time last year.

"With median prices rising and the potential for increased interest rates based on recent Federal Reserve's statements, the drawbacks to waiting are becoming a serious part of the home buying process. Another factor for first-time buyers to consider is the continuous increase in monthly rental costs," said NSBAR Board President and broker with Realty Advisors North Wayne Paprocki, MCNE, DREI, GRI.

Due to the increase in inventory, the average number of days from when a property is listed to when an offer is accepted has surged to 114 days-a 21.8 percent increase compared to this time last year when it was 93 days.

The North Shore - Barrington Association of REALTORS® (NSBAR) represents more than 3,500 practitioners in residential and commercial real estate. Since 1919 it has been the area's leading advocate for private property rights and a healthy real estate environment. Learn more at www.NSBAR.org.