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 South Elgin home prices have performed since 2007.
South Elgin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
323
$255,000
$300,900
-
2008
234
$230,500
$258,160
-14.2%
2009
184
$215,000
$245,100
-5.1%
2010
194
$209,015
$234,096.80
-4.5%
2011
178
$180,000
$196,200
-16.2%
2012
230
$184,950
$197,896.50
0.9%
2013
317
$181,000
$190,050
-4%
2014
305
$195,440
$201,303.20
5.9%
2015
325
$220,000
$226,600
12.6%
2016
303
$223,000
$227,460
0.4%
2017
327
$234,000
$234,000
2.9%
Total change in price
-22.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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