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 Berkeley home prices have performed since 2007.
Berkeley historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
59
$236,000
$278,480
-
2008
39
$194,000
$217,280
-22%
2009
40
$155,000
$176,700
-18.7%
2010
48
$135,000
$151,200
-14.4%
2011
45
$87,000
$94,830
-37.3%
2012
77
$106,000
$113,420
19.6%
2013
79
$127,000
$133,350
17.6%
2014
67
$131,500
$135,445
1.6%
2015
73
$135,000
$139,050
2.7%
2016
78
$150,000
$153,000
10%
2017
81
$183,000
$183,000
19.6%
Total change in price
-34.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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