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 Gurnee home prices have performed since 2007.
Gurnee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
562
$275,000
$324,500
-
2008
385
$271,000
$303,520
-6.5%
2009
310
$219,900
$250,686
-17.4%
2010
313
$215,000
$240,800
-3.9%
2011
287
$183,000
$199,470
-17.2%
2012
345
$176,500
$188,855
-5.3%
2013
504
$191,250
$200,812.50
6.3%
2014
477
$209,950
$216,248.50
7.7%
2015
501
$210,000
$216,300
0%
2016
533
$215,000
$219,300
1.4%
2017
582
$234,994.50
$234,994.50
7.2%
Total change in price
-27.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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