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 New Berlin home prices have performed since 2008.
New Berlin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
39
$97,054.50
$113,553.76
-
2009
39
$97,000
$113,490
-0.1%
2010
29
$118,000
$134,520
18.5%
2011
32
$146,330.50
$165,353.46
22.9%
2012
48
$136,000
$148,240
-10.3%
2013
45
$110,000
$118,800
-19.9%
2014
47
$105,000
$111,300
-6.3%
2015
38
$138,750
$147,075
32.1%
2016
41
$137,500
$144,375
-1.8%
2017
63
$120,000
$122,400
-15.2%
2018
36
$148,950
$148,950
21.7%
Total change in price
31.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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