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 Timberlane home prices have performed since 2007.
Timberlane historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
44
$278,150
$328,217
-
2008
26
$299,500
$335,440
2.2%
2009
24
$270,500
$308,370
-8.1%
2010
26
$234,500
$262,640
-14.8%
2011
9
$259,000
$282,310
7.5%
2012
15
$219,900
$235,293
-16.7%
2013
20
$272,500
$286,125
21.6%
2014
11
$240,000
$247,200
-13.6%
2015
11
$221,000
$227,630
-7.9%
2016
19
$260,000
$265,200
16.5%
2017
17
$270,000
$270,000
1.8%
Total change in price
-17.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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