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 Batavia home prices have performed since 2008.
Batavia historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
271
$282,000
$329,940
-
2009
229
$252,750
$295,717.50
-10.4%
2010
221
$247,500
$282,150
-4.6%
2011
246
$225,000
$254,250
-9.9%
2012
259
$225,000
$245,250
-3.5%
2013
380
$240,000
$259,200
5.7%
2014
397
$238,800
$253,128
-2.3%
2015
425
$245,050
$259,753
2.6%
2016
424
$259,950
$272,947.50
5.1%
2017
454
$278,000
$283,560
3.9%
2018
431
$290,000
$290,000
2.3%
Total change in price
-12.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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