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 Buffalo Grove home prices have performed since 2008.
Buffalo Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
293
$337,500
$394,875
-
2009
274
$290,000
$339,300
-14.1%
2010
311
$290,000
$330,600
-2.6%
2011
265
$267,750
$302,557.50
-8.5%
2012
346
$260,000
$283,400
-6.3%
2013
450
$291,000
$314,280
10.9%
2014
444
$306,000
$324,360
3.2%
2015
482
$335,000
$355,100
9.5%
2016
535
$341,000
$358,050
0.8%
2017
513
$340,000
$346,800
-3.1%
2018
511
$342,000
$342,000
-1.4%
Total change in price
-13.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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