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 Elmhurst home prices have performed since 2008.
Elmhurst historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
515
$380,000
$444,600
-
2009
435
$335,000
$391,950
-11.8%
2010
480
$315,000
$359,100
-8.4%
2011
499
$302,500
$341,825
-4.8%
2012
561
$299,000
$325,910
-4.7%
2013
793
$335,000
$361,800
11%
2014
783
$365,000
$386,900
6.9%
2015
814
$377,250
$399,885
3.4%
2016
753
$384,000
$403,200
0.8%
2017
812
$385,000
$392,700
-2.6%
2018
643
$392,000
$392,000
-0.2%
Total change in price
-11.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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