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 Des Plaines home prices have performed since 2008.
Des Plaines historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
667
$235,000
$274,950
-
2009
719
$195,000
$228,150
-17%
2010
770
$176,750
$201,495
-11.7%
2011
769
$145,000
$163,850
-18.7%
2012
1,071
$130,000
$141,700
-13.5%
2013
1,311
$150,000
$162,000
14.3%
2014
1,165
$170,000
$180,200
11.2%
2015
1,160
$182,500
$193,450
7.4%
2016
1,260
$200,000
$210,000
8.6%
2017
1,236
$215,000
$219,300
4.4%
2018
1,078
$220,000
$220,000
0.3%
Total change in price
-20%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.