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 Aurora home prices have performed since 2008.
Aurora historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
87
$225,000
$263,250
-
2009
84
$223,500
$261,495
-0.7%
2010
65
$197,500
$225,150
-13.9%
2011
75
$193,500
$218,655
-2.9%
2012
103
$140,000
$152,600
-30.2%
2013
111
$193,000
$208,440
36.6%
2014
86
$194,562.50
$206,236.25
-1.1%
2015
122
$215,000
$227,900
10.5%
2016
112
$230,250
$241,762.50
6.1%
2017
134
$215,500
$219,810
-9.1%
2018
107
$247,000
$247,000
12.4%
Total change in price
-6.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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