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 Plano home prices have performed since 2008.
Plano historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
184
$166,000
$194,220
-
2009
249
$134,000
$156,780
-19.3%
2010
266
$115,000
$131,100
-16.4%
2011
239
$95,000
$107,350
-18.1%
2012
247
$82,000
$89,380
-16.7%
2013
361
$91,000
$98,280
10%
2014
266
$110,500
$117,130
19.2%
2015
269
$120,000
$127,200
8.6%
2016
250
$130,000
$136,500
7.3%
2017
297
$150,000
$153,000
12.1%
2018
268
$156,250
$156,250
2.1%
Total change in price
-19.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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