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 Warrenville home prices have performed since 2007.
Warrenville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
242
$220,000
$259,600
-
2008
158
$211,000
$236,320
-9%
2009
139
$175,500
$200,070
-15.3%
2010
122
$161,500
$180,880
-9.6%
2011
121
$144,500
$157,505
-12.9%
2012
161
$144,000
$154,080
-2.2%
2013
229
$150,000
$157,500
2.2%
2014
189
$160,000
$164,800
4.6%
2015
198
$178,000
$183,340
11.2%
2016
246
$197,500
$201,450
9.9%
2017
177
$191,500
$191,500
-4.9%
Total change in price
-26.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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