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 Burnside home prices have performed since 2007.
Burnside historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
279
$157,000
$185,260
-
2008
222
$128,000
$143,360
-22.6%
2009
183
$50,000
$57,000
-60.2%
2010
196
$62,750
$70,280
23.3%
2011
148
$50,000
$54,500
-22.5%
2012
158
$46,500
$49,755
-8.7%
2013
200
$43,000
$45,150
-9.3%
2014
183
$53,000
$54,590
20.9%
2015
210
$51,250
$52,787.50
-3.3%
2016
219
$55,000
$56,100
6.3%
2017
250
$71,000
$71,000
26.6%
Total change in price
-61.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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