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 Greater Grand Crossing home prices have performed since 2007.
Greater Grand Crossing historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
521
$180,000
$212,400
-
2008
332
$120,000
$134,400
-36.7%
2009
373
$37,000
$42,180
-68.6%
2010
374
$32,000
$35,840
-15%
2011
292
$35,000
$38,150
6.4%
2012
285
$37,000
$39,590
3.8%
2013
350
$35,000
$36,750
-7.2%
2014
348
$50,000
$51,500
40.1%
2015
331
$42,000
$43,260
-16%
2016
393
$57,000
$58,140
34.4%
2017
387
$68,000
$68,000
17%
Total change in price
-68%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up