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 Hillside home prices have performed since 2007.
Hillside historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
179
$186,500
$220,070
-
2008
74
$168,000
$188,160
-14.5%
2009
57
$141,000
$160,740
-14.6%
2010
58
$140,000
$156,800
-2.5%
2011
87
$84,000
$91,560
-41.6%
2012
99
$87,000
$93,090
1.7%
2013
113
$97,000
$101,850
9.4%
2014
92
$115,000
$118,450
16.3%
2015
109
$120,000
$123,600
4.3%
2016
112
$135,250
$137,955
11.6%
2017
125
$160,000
$160,000
16%
Total change in price
-27.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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