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 Machesney Park home prices have performed since 2007.
Machesney Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
783
$115,000
$135,700
-
2008
424
$96,900
$108,528
-20%
2009
315
$103,950
$118,503
9.2%
2010
302
$95,500
$106,960
-9.7%
2011
260
$92,000
$100,280
-6.2%
2012
320
$88,708
$94,917.56
-5.3%
2013
374
$85,000
$89,250
-6%
2014
352
$75,031.50
$77,282.44
-13.4%
2015
357
$81,000
$83,430
8%
2016
359
$89,900
$91,698
9.9%
2017
403
$88,000
$88,000
-4%
Total change in price
-35.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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