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 Downers Grove home prices have performed since 2007.
Downers Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
691
$340,000
$401,200
-
2008
473
$330,000
$369,600
-7.9%
2009
446
$269,950
$307,743
-16.7%
2010
463
$293,000
$328,160
6.6%
2011
450
$235,000
$256,150
-21.9%
2012
582
$259,000
$277,130
8.2%
2013
806
$270,000
$283,500
2.3%
2014
761
$291,500
$300,245
5.9%
2015
837
$300,000
$309,000
2.9%
2016
850
$298,750
$304,725
-1.4%
2017
547
$325,000
$325,000
6.7%
Total change in price
-19%
Where sale prices were unavailable, the home's assessed value was substituted.
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