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 Port Barrington home prices have performed since 2008.
Port Barrington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
17
$288,000
$336,960
-
2009
12
$265,000
$310,050
-8%
2010
13
$208,500
$237,690
-23.3%
2011
16
$208,750
$235,887.50
-0.8%
2012
12
$151,250
$164,862.50
-30.1%
2013
18
$170,500
$184,140
11.7%
2014
23
$229,500
$243,270
32.1%
2015
23
$188,000
$199,280
-18.1%
2016
21
$246,000
$258,300
29.6%
2017
22
$277,500
$283,050
9.6%
2018
29
$270,000
$270,000
-4.6%
Total change in price
-19.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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