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 Algonquin home prices have performed since 2008.
Algonquin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
103
$242,500
$283,725
-
2009
76
$239,593
$280,323.81
-1.2%
2010
69
$211,000
$240,540
-14.2%
2011
77
$208,000
$235,040
-2.3%
2012
94
$195,500
$213,095
-9.3%
2013
109
$209,500
$226,260
6.2%
2014
126
$217,500
$230,550
1.9%
2015
114
$189,500
$200,870
-12.9%
2016
155
$225,000
$236,250
17.6%
2017
148
$219,000
$223,380
-5.4%
2018
141
$225,000
$225,000
0.7%
Total change in price
-20.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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