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 Buffalo Grove home prices have performed since 2007.
Buffalo Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
217
$233,000
$274,940
-
2008
151
$218,000
$244,160
-11.2%
2009
134
$172,250
$196,365
-19.6%
2010
150
$152,750
$171,080
-12.9%
2011
178
$120,750
$131,617.50
-23.1%
2012
268
$119,000
$127,330
-3.3%
2013
317
$120,000
$126,000
-1%
2014
264
$159,000
$163,770
30%
2015
311
$172,000
$177,160
8.2%
2016
329
$183,250
$186,915
5.5%
2017
329
$212,250
$212,250
13.6%
Total change in price
-22.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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