To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how South Barrington home prices have performed since 2008.
South Barrington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
100
$817,250
$956,182.50
-
2009
48
$860,500
$1,006,785
5.3%
2010
66
$745,000
$849,300
-15.6%
2011
56
$671,000
$758,230
-10.7%
2012
62
$744,750
$811,777.50
7.1%
2013
72
$744,750
$804,330
-0.9%
2014
72
$731,750
$775,655
-3.6%
2015
66
$762,500
$808,250
4.2%
2016
58
$723,750
$759,937.50
-6%
2017
76
$697,500
$711,450
-6.4%
2018
51
$725,000
$725,000
1.9%
Total change in price
-24.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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