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 Bellwood home prices have performed since 2007.
Bellwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
195
$188,750
$222,725
-
2008
108
$142,750
$159,880
-28.2%
2009
178
$75,000
$85,500
-46.5%
2010
199
$65,000
$72,800
-14.9%
2011
193
$55,000
$59,950
-17.7%
2012
232
$48,750
$52,162.50
-13%
2013
272
$60,000
$63,000
20.8%
2014
292
$76,000
$78,280
24.3%
2015
282
$112,500
$115,875
48%
2016
293
$120,000
$122,400
5.6%
2017
283
$134,500
$134,500
9.9%
Total change in price
-39.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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