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 Berwyn home prices have performed since 2007.
Berwyn historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
537
$239,000
$282,020
-
2008
375
$197,000
$220,640
-21.8%
2009
486
$142,000
$161,880
-26.6%
2010
505
$130,000
$145,600
-10.1%
2011
500
$120,000
$130,800
-10.2%
2012
602
$105,000
$112,350
-14.1%
2013
759
$115,000
$120,750
7.5%
2014
698
$148,000
$152,440
26.2%
2015
705
$175,000
$180,250
18.2%
2016
739
$186,000
$189,720
5.3%
2017
749
$202,000
$202,000
6.5%
Total change in price
-28.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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