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 Darien home prices have performed since 2007.
Darien historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
307
$290,000
$342,200
-
2008
193
$270,000
$302,400
-11.6%
2009
185
$257,500
$293,550
-2.9%
2010
185
$234,500
$262,640
-10.5%
2011
181
$240,000
$261,600
-0.4%
2012
242
$220,000
$235,400
-10%
2013
324
$230,000
$241,500
2.6%
2014
307
$257,000
$264,710
9.6%
2015
349
$261,500
$269,345
1.8%
2016
421
$275,000
$280,500
4.1%
2017
207
$270,000
$270,000
-3.7%
Total change in price
-21.1%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up