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 Loves Park home prices have performed since 2007.
Loves Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
347
$109,500
$129,210
-
2008
292
$107,750
$120,680
-6.6%
2009
235
$96,012
$109,453.68
-9.3%
2010
198
$99,900
$111,888
2.2%
2011
199
$90,000
$98,100
-12.3%
2012
216
$81,000
$86,670
-11.7%
2013
245
$84,592
$88,821.60
2.5%
2014
267
$75,000
$77,250
-13%
2015
295
$80,000
$82,400
6.7%
2016
326
$82,500
$84,150
2.1%
2017
326
$89,500
$89,500
6.4%
Total change in price
-30.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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