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 Forest Park home prices have performed since 2007.
Forest Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
255
$275,000
$324,500
-
2008
160
$230,000
$257,600
-20.6%
2009
143
$200,000
$228,000
-11.5%
2010
125
$175,000
$196,000
-14%
2011
124
$139,000
$151,510
-22.7%
2012
214
$125,000
$133,750
-11.7%
2013
251
$155,500
$163,275
22.1%
2014
268
$158,500
$163,255
-0%
2015
265
$182,000
$187,460
14.8%
2016
310
$194,250
$198,135
5.7%
2017
302
$226,250
$226,250
14.2%
Total change in price
-30.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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