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 North Aurora home prices have performed since 2008.
North Aurora historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
218
$274,500
$321,165
-
2009
147
$246,900
$288,873
-10.1%
2010
129
$239,000
$272,460
-5.7%
2011
148
$193,000
$218,090
-20%
2012
201
$198,000
$215,820
-1%
2013
267
$206,000
$222,480
3.1%
2014
261
$225,000
$238,500
7.2%
2015
261
$219,950
$233,147
-2.2%
2016
280
$217,750
$228,637.50
-1.9%
2017
283
$235,250
$239,955
4.9%
2018
273
$257,750
$257,750
7.4%
Total change in price
-19.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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