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Monday, November 11, 2019

2017 home sales: Edison Park price history

Real Estate

By Local Labs News Service | Apr 15, 2018

Re 14

Historical home sales data show whether price appreciation has outpaced inflation and tax rates. BlockShopper.com has calculated neighborhoods' median sales prices for the past 10 years, adjusting for inflation.

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 Edison Park home prices have performed since 2007.

Edison Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
139
$340,000
$401,200
-
2008
100
$287,500
$322,000
-19.7%
2009
106
$287,500
$327,750
1.8%
2010
105
$255,000
$285,600
-12.9%
2011
104
$245,000
$267,050
-6.5%
2012
123
$235,000
$251,450
-5.8%
2013
178
$270,000
$283,500
12.7%
2014
175
$304,000
$313,120
10.4%
2015
189
$303,000
$312,090
-0.3%
2016
179
$310,000
$316,200
1.3%
2017
183
$316,000
$316,000
-0.1%
Total change in price
-21.2%

Where sale prices were unavailable, the home's assessed value was substituted.

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