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 Naperville home prices have performed since 2008.
Naperville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
725
$450,000
$526,500
-
2009
656
$406,975
$476,160.75
-9.6%
2010
682
$409,000
$466,260
-2.1%
2011
668
$395,000
$446,350
-4.3%
2012
895
$385,000
$419,650
-6%
2013
1,019
$412,500
$445,500
6.2%
2014
903
$415,000
$439,900
-1.3%
2015
700
$421,050
$446,313
1.5%
2016
729
$417,000
$437,850
-1.9%
2017
683
$425,000
$433,500
-1%
2018
727
$439,000
$439,000
1.3%
Total change in price
-16.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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