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 Brookfield home prices have performed since 2007.
Brookfield historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
290
$260,000
$306,800
-
2008
156
$245,000
$274,400
-10.6%
2009
146
$225,000
$256,500
-6.5%
2010
168
$212,000
$237,440
-7.4%
2011
166
$161,500
$176,035
-25.9%
2012
209
$165,000
$176,550
0.3%
2013
301
$175,250
$184,012.50
4.2%
2014
252
$203,500
$209,605
13.9%
2015
324
$223,500
$230,205
9.8%
2016
332
$225,500
$230,010
-0.1%
2017
335
$230,000
$230,000
-0%
Total change in price
-25%
Where sale prices were unavailable, the home's assessed value was substituted.
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