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 Lake Barrington home prices have performed since 2007.
Lake Barrington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
115
$385,000
$454,300
-
2008
91
$425,000
$476,000
4.8%
2009
63
$330,000
$376,200
-21%
2010
79
$300,000
$336,000
-10.7%
2011
56
$355,000
$386,950
15.2%
2012
91
$300,000
$321,000
-17%
2013
134
$232,500
$244,125
-23.9%
2014
102
$251,250
$258,787.50
6%
2015
147
$310,000
$319,300
23.4%
2016
162
$270,000
$275,400
-13.7%
2017
168
$315,000
$315,000
14.4%
Total change in price
-30.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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