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 Aurora home prices have performed since 2007.
Aurora historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
299
$234,000
$276,120
-
2008
225
$220,875
$247,380
-10.4%
2009
227
$192,560.39
$219,518.84
-11.3%
2010
189
$192,706.24
$215,830.98
-1.7%
2011
169
$182,000
$198,380
-8.1%
2012
220
$161,250
$172,537.50
-13%
2013
295
$169,500
$177,975
3.2%
2014
291
$154,900
$159,547
-10.4%
2015
232
$169,550
$174,636.50
9.5%
2016
280
$187,500
$191,250
9.5%
2017
241
$200,000
$200,000
4.6%
Total change in price
-27.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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