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 South Barrington home prices have performed since 2007.
South Barrington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
164
$841,000
$992,380
-
2008
100
$817,250
$915,320
-7.8%
2009
48
$860,500
$980,970
7.2%
2010
66
$745,000
$834,400
-14.9%
2011
56
$671,000
$731,390
-12.3%
2012
62
$744,750
$796,882.50
9%
2013
72
$744,750
$781,987.50
-1.9%
2014
72
$731,750
$753,702.50
-3.6%
2015
66
$762,500
$785,375
4.2%
2016
58
$723,750
$738,225
-6%
2017
76
$697,500
$697,500
-5.5%
Total change in price
-29.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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