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 La Grange Highlands home prices have performed since 2007.
La Grange Highlands historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
36
$410,000
$483,800
-
2008
28
$305,250
$341,880
-29.3%
2009
21
$258,000
$294,120
-14%
2010
20
$230,750
$258,440
-12.1%
2011
26
$248,000
$270,320
4.6%
2012
29
$270,000
$288,900
6.9%
2013
36
$257,250
$270,112.50
-6.5%
2014
46
$254,000
$261,620
-3.1%
2015
43
$280,000
$288,400
10.2%
2016
50
$312,500
$318,750
10.5%
2017
46
$320,000
$320,000
0.4%
Total change in price
-33.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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