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 Cary home prices have performed since 2008.
Cary historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
179
$229,000
$267,930
-
2009
169
$206,000
$241,020
-10%
2010
164
$184,473.50
$210,299.79
-12.7%
2011
140
$180,502.50
$203,967.82
-3%
2012
200
$161,000
$175,490
-14%
2013
350
$162,250
$175,230
-0.1%
2014
299
$179,500
$190,270
8.6%
2015
289
$195,500
$207,230
8.9%
2016
368
$210,000
$220,500
6.4%
2017
336
$225,000
$229,500
4.1%
2018
384
$217,000
$217,000
-5.4%
Total change in price
-19%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.