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 Franklin Park home prices have performed since 2007.
Franklin Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
177
$252,500
$297,950
-
2008
108
$200,000
$224,000
-24.8%
2009
143
$145,000
$165,300
-26.2%
2010
159
$145,000
$162,400
-1.8%
2011
194
$125,000
$136,250
-16.1%
2012
241
$116,000
$124,120
-8.9%
2013
263
$121,000
$127,050
2.4%
2014
242
$137,000
$141,110
11.1%
2015
230
$153,000
$157,590
11.7%
2016
259
$173,000
$176,460
12%
2017
285
$185,000
$185,000
4.8%
Total change in price
-37.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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