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 Countryside home prices have performed since 2007.
Countryside historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
89
$242,000
$285,560
-
2008
47
$186,000
$208,320
-27%
2009
47
$210,000
$239,400
14.9%
2010
46
$192,000
$215,040
-10.2%
2011
45
$167,000
$182,030
-15.4%
2012
64
$145,000
$155,150
-14.8%
2013
91
$114,500
$120,225
-22.5%
2014
75
$175,000
$180,250
49.9%
2015
78
$169,000
$174,070
-3.4%
2016
84
$184,000
$187,680
7.8%
2017
90
$216,500
$216,500
15.4%
Total change in price
-24.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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