To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how West Dundee home prices have performed since 2008.
West Dundee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
68
$283,750
$331,987.50
-
2009
42
$237,500
$277,875
-16.3%
2010
47
$211,000
$240,540
-13.4%
2011
53
$185,000
$209,050
-13.1%
2012
62
$215,250
$234,622.50
12.2%
2013
101
$223,500
$241,380
2.9%
2014
82
$220,000
$233,200
-3.4%
2015
113
$217,500
$230,550
-1.1%
2016
103
$265,000
$278,250
20.7%
2017
121
$238,700
$243,474
-12.5%
2018
125
$245,000
$245,000
0.6%
Total change in price
-26.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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