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 Elburn home prices have performed since 2007.
Elburn historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
188
$313,858
$370,352.44
-
2008
88
$257,500
$288,400
-22.1%
2009
80
$265,000
$302,100
4.8%
2010
78
$237,250
$265,720
-12%
2011
67
$202,000
$220,180
-17.1%
2012
84
$185,000
$197,950
-10.1%
2013
136
$213,500
$224,175
13.2%
2014
131
$211,500
$217,845
-2.8%
2015
149
$214,900
$221,347
1.6%
2016
150
$241,237
$246,061.74
11.2%
2017
129
$241,500
$241,500
-1.9%
Total change in price
-34.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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