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 Cicero home prices have performed since 2007.
Cicero historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
503
$216,000
$254,880
-
2008
267
$150,000
$168,000
-34.1%
2009
508
$80,000
$91,200
-45.7%
2010
618
$88,000
$98,560
8.1%
2011
535
$72,500
$79,025
-19.8%
2012
573
$61,000
$65,270
-17.4%
2013
747
$71,000
$74,550
14.2%
2014
682
$93,000
$95,790
28.5%
2015
624
$112,000
$115,360
20.4%
2016
652
$130,500
$133,110
15.4%
2017
619
$152,500
$152,500
14.6%
Total change in price
-40.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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