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 Boystown home prices have performed since 2007.
Boystown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
522
$255,000
$300,900
-
2008
338
$249,500
$279,440
-7.1%
2009
231
$240,000
$273,600
-2.1%
2010
247
$250,000
$280,000
2.3%
2011
193
$208,000
$226,720
-19%
2012
311
$188,500
$201,695
-11%
2013
401
$210,000
$220,500
9.3%
2014
362
$230,000
$236,900
7.4%
2015
406
$251,000
$258,530
9.1%
2016
428
$255,000
$260,100
0.6%
2017
641
$244,500
$244,500
-6%
Total change in price
-18.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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