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 Tri-Taylor home prices have performed since 2007.
Tri-Taylor historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
44
$315,000
$371,700
-
2008
26
$271,250
$303,800
-18.3%
2009
14
$219,500
$250,230
-17.6%
2010
25
$165,000
$184,800
-26.1%
2011
12
$102,500
$111,725
-39.5%
2012
24
$102,250
$109,407.50
-2.1%
2013
53
$152,000
$159,600
45.9%
2014
33
$170,000
$175,100
9.7%
2015
43
$265,000
$272,950
55.9%
2016
37
$290,000
$295,800
8.4%
2017
35
$232,500
$232,500
-21.4%
Total change in price
-37.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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