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 Bensenville home prices have performed since 2007.
Bensenville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
125
$258,950
$305,561
-
2008
77
$240,000
$268,800
-12%
2009
120
$168,000
$191,520
-28.8%
2010
144
$155,000
$173,600
-9.4%
2011
128
$131,000
$142,790
-17.7%
2012
123
$116,000
$124,120
-13.1%
2013
197
$140,000
$147,000
18.4%
2014
169
$173,000
$178,190
21.2%
2015
172
$190,000
$195,700
9.8%
2016
157
$200,000
$204,000
4.2%
2017
97
$205,000
$205,000
0.5%
Total change in price
-32.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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