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 Villa Park home prices have performed since 2008.
Villa Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
137
$241,200
$282,204
-
2009
186
$203,500
$238,095
-15.6%
2010
185
$195,000
$222,300
-6.6%
2011
172
$162,000
$183,060
-17.7%
2012
195
$155,000
$168,950
-7.7%
2013
268
$170,000
$183,600
8.7%
2014
262
$199,500
$211,470
15.2%
2015
271
$205,000
$217,300
2.8%
2016
310
$216,750
$227,587.50
4.7%
2017
334
$227,000
$231,540
1.7%
2018
258
$245,000
$245,000
5.8%
Total change in price
-13.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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