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 Aurora home prices have performed since 2007.
Aurora historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
1,105
$220,750
$260,485
-
2008
811
$221,250
$247,800
-4.9%
2009
679
$196,000
$223,440
-9.8%
2010
633
$198,500
$222,320
-0.5%
2011
565
$187,250
$204,102.50
-8.2%
2012
694
$167,000
$178,690
-12.5%
2013
929
$181,250
$190,312.50
6.5%
2014
796
$185,000
$190,550
0.1%
2015
926
$205,000
$211,150
10.8%
2016
1,030
$200,750
$204,765
-3%
2017
543
$222,000
$222,000
8.4%
Total change in price
-14.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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