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 North Aurora home prices have performed since 2007.
North Aurora historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
357
$305,000
$359,900
-
2008
218
$274,500
$307,440
-14.6%
2009
148
$246,900
$281,466
-8.4%
2010
129
$239,000
$267,680
-4.9%
2011
149
$193,000
$210,370
-21.4%
2012
201
$198,000
$211,860
0.7%
2013
269
$206,000
$216,300
2.1%
2014
264
$225,000
$231,750
7.1%
2015
262
$219,950
$226,548.50
-2.2%
2016
282
$217,750
$222,105
-2%
2017
284
$235,250
$235,250
5.9%
Total change in price
-34.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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