To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 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 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Naperville home prices have performed since 2007.
Naperville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
874
$479,900
$566,282
-
2008
723
$450,000
$504,000
-11%
2009
655
$407,000
$463,980
-7.9%
2010
680
$409,900
$459,088
-1.1%
2011
665
$398,500
$434,365
-5.4%
2012
892
$385,440.50
$412,421.33
-5.1%
2013
1,018
$412,750
$433,387.50
5.1%
2014
901
$415,000
$427,450
-1.4%
2015
689
$420,000
$432,600
1.2%
2016
722
$417,500
$425,850
-1.6%
2017
401
$421,000
$421,000
-1.1%
Total change in price
-25.7%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up