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 Oakbrook Terrace home prices have performed since 2008.
Oakbrook Terrace historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
15
$265,000
$310,050
-
2009
22
$265,000
$310,050
0%
2010
19
$238,200
$271,548
-12.4%
2011
15
$191,500
$216,395
-20.3%
2012
18
$222,750
$242,797.50
12.2%
2013
40
$220,000
$237,600
-2.1%
2014
44
$228,500
$242,210
1.9%
2015
36
$325,000
$344,500
42.2%
2016
24
$254,000
$266,700
-22.6%
2017
46
$255,000
$260,100
-2.5%
2018
32
$329,500
$329,500
26.7%
Total change in price
6.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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