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 Broadview home prices have performed since 2007.
Broadview historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
95
$210,000
$247,800
-
2008
53
$164,000
$183,680
-25.9%
2009
66
$117,500
$133,950
-27.1%
2010
76
$101,500
$113,680
-15.1%
2011
63
$85,000
$92,650
-18.5%
2012
54
$59,500
$63,665
-31.3%
2013
105
$85,000
$89,250
40.2%
2014
98
$103,250
$106,347.50
19.2%
2015
102
$125,500
$129,265
21.5%
2016
122
$136,250
$138,975
7.5%
2017
138
$160,500
$160,500
15.5%
Total change in price
-35.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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