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 East Dundee home prices have performed since 2008.
East Dundee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
40
$197,000
$230,490
-
2009
39
$145,000
$169,650
-26.4%
2010
29
$132,000
$150,480
-11.3%
2011
27
$139,000
$157,070
4.4%
2012
48
$132,500
$144,425
-8.1%
2013
45
$113,000
$122,040
-15.5%
2014
60
$129,500
$137,270
12.5%
2015
46
$148,900
$157,834
15%
2016
74
$159,000
$166,950
5.8%
2017
72
$162,000
$165,240
-1%
2018
89
$171,000
$171,000
3.5%
Total change in price
-25.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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