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 East Dundee home prices have performed since 2007.
East Dundee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
67
$222,500
$262,550
-
2008
42
$197,000
$220,640
-16%
2009
43
$145,000
$165,300
-25.1%
2010
31
$132,000
$147,840
-10.6%
2011
29
$139,000
$151,510
2.5%
2012
51
$132,500
$141,775
-6.4%
2013
47
$113,000
$118,650
-16.3%
2014
64
$129,500
$133,385
12.4%
2015
52
$149,450
$153,933.50
15.4%
2016
83
$159,000
$162,180
5.4%
2017
80
$163,450
$163,450
0.8%
Total change in price
-37.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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