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
137
$251,000
$296,180
-
2008
87
$225,000
$252,000
-14.9%
2009
84
$223,500
$254,790
1.1%
2010
65
$197,500
$221,200
-13.2%
2011
75
$193,500
$210,915
-4.6%
2012
103
$140,000
$149,800
-29%
2013
111
$193,000
$202,650
35.3%
2014
86
$194,562.50
$200,399.37
-1.1%
2015
122
$215,000
$221,450
10.5%
2016
112
$230,250
$234,855
6.1%
2017
134
$215,500
$215,500
-8.2%
Total change in price
-27.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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