To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 percent in Illinois.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, the U.S. dollar has experienced an average inflation rate of 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Barrington home prices have performed since 2007.
Barrington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
118
$390,500
$460,790
-
2008
75
$400,000
$448,000
-2.8%
2009
76
$394,500
$449,730
0.4%
2010
82
$312,500
$350,000
-22.2%
2011
87
$375,000
$408,750
16.8%
2012
100
$286,250
$306,287.50
-25.1%
2013
126
$327,500
$343,875
12.3%
2014
146
$365,000
$375,950
9.3%
2015
156
$367,500
$378,525
0.7%
2016
148
$366,500
$373,830
-1.2%
2017
163
$405,000
$405,000
8.3%
Total change in price
-12.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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