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 West Dundee home prices have performed since 2007.
West Dundee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
121
$282,500
$333,350
-
2008
69
$283,750
$317,800
-4.7%
2009
44
$237,500
$270,750
-14.8%
2010
50
$211,000
$236,320
-12.7%
2011
56
$185,000
$201,650
-14.7%
2012
63
$215,250
$230,317.50
14.2%
2013
105
$223,500
$234,675
1.9%
2014
89
$220,000
$226,600
-3.4%
2015
121
$217,500
$224,025
-1.1%
2016
109
$265,000
$270,300
20.7%
2017
128
$238,700
$238,700
-11.7%
Total change in price
-28.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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