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 Downers Grove home prices have performed since 2008.
Downers Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
473
$330,000
$386,100
-
2009
446
$269,950
$315,841.50
-18.2%
2010
463
$293,000
$334,020
5.8%
2011
450
$235,000
$265,550
-20.5%
2012
579
$259,000
$282,310
6.3%
2013
800
$270,000
$291,600
3.3%
2014
760
$291,500
$308,990
6%
2015
835
$300,000
$318,000
2.9%
2016
854
$299,500
$314,475
-1.1%
2017
964
$311,000
$317,220
0.9%
2018
719
$323,500
$323,500
2%
Total change in price
-16.2%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up