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 Port Barrington home prices have performed since 2007.
Port Barrington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
18
$299,000
$352,820
-
2008
17
$288,000
$322,560
-8.6%
2009
12
$265,000
$302,100
-6.3%
2010
13
$208,500
$233,520
-22.7%
2011
16
$208,750
$227,537.50
-2.6%
2012
12
$151,250
$161,837.50
-28.9%
2013
18
$170,500
$179,025
10.6%
2014
25
$200,000
$206,000
15.1%
2015
25
$180,000
$185,400
-10%
2016
22
$245,000
$249,900
34.8%
2017
25
$270,000
$270,000
8%
Total change in price
-23.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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