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 Geneva home prices have performed since 2007.
Geneva historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
472
$352,250
$415,655
-
2008
398
$351,000
$393,120
-5.4%
2009
287
$306,000
$348,840
-11.3%
2010
289
$307,500
$344,400
-1.3%
2011
241
$285,000
$310,650
-9.8%
2012
339
$277,000
$296,390
-4.6%
2013
464
$282,500
$296,625
0.1%
2014
442
$297,446
$306,369.38
3.3%
2015
479
$304,900
$314,047
2.5%
2016
520
$310,000
$316,200
0.7%
2017
546
$330,000
$330,000
4.4%
Total change in price
-20.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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