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 St. Charles home prices have performed since 2008.
St. Charles historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
297
$280,000
$327,600
-
2009
262
$245,000
$286,650
-12.5%
2010
310
$240,000
$273,600
-4.6%
2011
349
$238,553.50
$269,565.45
-1.5%
2012
375
$225,000
$245,250
-9%
2013
516
$235,500
$254,340
3.7%
2014
508
$250,000
$265,000
4.2%
2015
517
$250,000
$265,000
0%
2016
566
$264,750
$277,987.50
4.9%
2017
542
$280,000
$285,600
2.7%
2018
556
$284,900
$284,900
-0.2%
Total change in price
-13%
Where sale prices were unavailable, the home's assessed value was substituted.
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