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 Gurnee home prices have performed since 2008.
Gurnee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
385
$271,000
$317,070
-
2009
310
$219,900
$257,283
-18.9%
2010
312
$215,000
$245,100
-4.7%
2011
286
$183,000
$206,790
-15.6%
2012
345
$176,500
$192,385
-7%
2013
503
$191,250
$206,550
7.4%
2014
477
$209,950
$222,547
7.7%
2015
499
$210,000
$222,600
0%
2016
533
$215,000
$225,750
1.4%
2017
582
$234,994.50
$239,694.39
6.2%
2018
577
$230,000
$230,000
-4%
Total change in price
-27.5%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.