To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 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 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Elgin home prices have performed since 2007.
Elgin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
420
$220,000
$259,600
-
2008
225
$182,000
$203,840
-21.5%
2009
212
$149,000
$169,860
-16.7%
2010
204
$145,000
$162,400
-4.4%
2011
225
$112,500
$122,625
-24.5%
2012
319
$104,900
$112,243
-8.5%
2013
365
$110,000
$115,500
2.9%
2014
323
$130,000
$133,900
15.9%
2015
324
$150,000
$154,500
15.4%
2016
405
$157,000
$160,140
3.7%
2017
404
$166,000
$166,000
3.7%
Total change in price
-36.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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