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 Cary home prices have performed since 2007.
Cary historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
266
$245,000
$289,100
-
2008
179
$229,000
$256,480
-11.3%
2009
169
$206,000
$234,840
-8.4%
2010
164
$184,473.50
$206,610.32
-12%
2011
140
$180,502.50
$196,747.72
-4.8%
2012
201
$161,000
$172,270
-12.4%
2013
354
$162,250
$170,362.50
-1.1%
2014
298
$180,000
$185,400
8.8%
2015
292
$195,500
$201,365
8.6%
2016
368
$210,000
$214,200
6.4%
2017
335
$225,000
$225,000
5%
Total change in price
-22.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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