The NCREIF Price Change Index is calculated by Modifying the NCREIF Appreciation sub-index by adding capital expenditures back into the numerator.
[MV]-[MVLag1]+[PSales]/[Denom]
The table below represents historical Price Change Index.
| Year | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | |
| 1978 | 100.90860 | 102.33292 | 103.83056 | 108.23225 | |
| 1979 | 110.45686 | 112.93441 | 116.34311 | 121.91734 | |
| 1980 | 126.52557 | 127.45743 | 130.42082 | 135.32503 | |
| 1981 | 137.38928 | 141.26915 | 145.12537 | 151.43092 | |
| 1982 | 153.55186 | 155.73967 | 156.37088 | 159.09205 | |
| 1983 | 159.87017 | 161.42107 | 163.93327 | 170.93158 | |
| 1984 | 174.20526 | 177.70557 | 179.93204 | 185.87304 | |
| 1985 | 187.30185 | 189.60267 | 191.76964 | 196.88068 | |
| 1986 | 198.69533 | 200.24436 | 201.60462 | 204.85953 | |
| 1987 | 205.99896 | 205.78184 | 207.76661 | 211.30633 | |
| 1988 | 212.95938 | 214.73163 | 217.73508 | 222.42836 | |
| 1989 | 223.68975 | 225.65240 | 228.13480 | 231.24816 | |
| 1990 | 231.85657 | 233.58228 | 233.65352 | 228.14794 | |
| 1991 | 225.56485 | 222.80552 | 219.68803 | 205.79562 | |
| 1992 | 203.40160 | 198.32754 | 195.07854 | 187.53700 | |
| 1993 | 185.92306 | 182.91836 | 183.02390 | 180.55033 | |
| 1994 | 180.60648 | 180.62057 | 180.78223 | 181.90416 | |
| 1995 | 182.59067 | 183.17989 | 184.00054 | 183.61984 | |
| 1996 | 185.11083 | 186.11172 | 188.12266 | 190.88167 | |
| 1997 | 192.24838 | 194.43155 | 197.75672 | 204.10076 | |
| 1998 | 209.03775 | 214.70246 | 219.12726 | 224.12994 | |
| 1999 | 226.57520 | 228.85160 | 231.75870 | 235.20634 | |
| 2000 | 237.27874 | 240.95846 | 244.66416 | 249.63256 | |
| 2001 | 251.28912 | 253.59972 | 253.98139 | 251.92668 | |
| 2002 | 251.25479 | 251.12338 | 251.49052 | 252.44618 | |
| 2003 | 253.34893 | 254.89816 | 256.17469 | 259.73552 | |
| 2004 | 262.64352 | 267.44491 | 273.31131 | 283.06606 | |
| 2005 | 290.07110 | 302.52008 | 312.69746 | 326.49367 | |
| 2006 | 334.59888 | 344.47524 | 353.40611 | 366.85816 | |
| 2007 | 376.61402 | 390.74646 | 401.64008 | 413.24587 | |
| 2008 | 416.60928 | 415.58442 | 411.49465 | 374.41734 | |
| 2009 | 343.17109 | 321.62852 | 307.09381 | 297.04816 | |
| 2010 | 295.24181 | 301.10118 | 309.17792 | 320.16734 | |
| 2011 | 327.37078 | 336.77221 | 344.60183 | 352.04282 | |
| 2012 | 357.40725 | 363.34736 | 368.25182 | 374.68739 | |
| 2013 | 380.42123 | 387.53435 | 394.59678 | 401.31518 | |
| 2014 | 408.60186 | 416.63089 | 424.06109 | 433.59101 | |
| 2015 | 445.29753 | 455.41469 | 466.39383 | 476.98657 | |
| 2016 | 483.72734 | 489.80296 | 494.72499 | 499.96363 | |
| 2017 | 503.86035 | 508.86016 | 514.12483 |
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| 2018 | 525.04521 | 530.85799 | 536.0965 |
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| 2019 | 545.93874 | 550.26421 | 554.32736 |
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| 2020 | 559.8857 | 550.39788 | 550.7006 |
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| 2021 | 558.80022 | 575.10489 |
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