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 Algonquin home prices have performed since 2008.
Algonquin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
224
$250,000
$292,500
-
2009
207
$220,000
$257,400
-12%
2010
220
$215,000
$245,100
-4.8%
2011
194
$195,000
$220,350
-10.1%
2012
281
$183,500
$200,015
-9.2%
2013
393
$180,000
$194,400
-2.8%
2014
323
$195,000
$206,700
6.3%
2015
361
$204,000
$216,240
4.6%
2016
415
$226,000
$237,300
9.7%
2017
444
$231,000
$235,620
-0.7%
2018
441
$228,500
$228,500
-3%
Total change in price
-21.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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