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 Batavia home prices have performed since 2007.
Batavia historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
455
$285,200
$336,536
-
2008
295
$282,000
$315,840
-6.1%
2009
250
$253,375
$288,847.50
-8.5%
2010
242
$248,000
$277,760
-3.8%
2011
259
$227,500
$247,975
-10.7%
2012
275
$225,000
$240,750
-2.9%
2013
411
$240,000
$252,000
4.7%
2014
431
$239,000
$246,170
-2.3%
2015
462
$245,550
$252,916.50
2.7%
2016
472
$258,900
$264,078
4.4%
2017
495
$278,500
$278,500
5.5%
Total change in price
-17.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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