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 Palatine home prices have performed since 2007.
Palatine historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
1,358
$239,500
$282,610
-
2008
973
$215,000
$240,800
-14.8%
2009
800
$216,250
$246,525
2.4%
2010
714
$185,000
$207,200
-16%
2011
727
$150,000
$163,500
-21.1%
2012
993
$150,000
$160,500
-1.8%
2013
1,331
$184,000
$193,200
20.4%
2014
1,145
$210,000
$216,300
12%
2015
1,226
$226,000
$232,780
7.6%
2016
1,363
$223,250
$227,715
-2.2%
2017
1,424
$230,000
$230,000
1%
Total change in price
-18.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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