To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Bensenville home prices have performed since 2008.
Bensenville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
77
$240,000
$280,800
-
2009
120
$168,000
$196,560
-30%
2010
144
$155,000
$176,700
-10.1%
2011
128
$131,000
$148,030
-16.2%
2012
123
$116,000
$126,440
-14.6%
2013
197
$140,000
$151,200
19.6%
2014
169
$173,000
$183,380
21.3%
2015
172
$190,000
$201,400
9.8%
2016
158
$200,000
$210,000
4.3%
2017
177
$220,500
$224,910
7.1%
2018
152
$216,000
$216,000
-4%
Total change in price
-23.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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