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 Park home prices have performed since 2007.
La Grange Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
172
$339,000
$400,020
-
2008
109
$316,500
$354,480
-11.4%
2009
106
$280,000
$319,200
-10%
2010
100
$302,500
$338,800
6.1%
2011
102
$256,500
$279,585
-17.5%
2012
146
$260,000
$278,200
-0.5%
2013
192
$279,000
$292,950
5.3%
2014
168
$300,500
$309,515
5.7%
2015
171
$316,500
$325,995
5.3%
2016
202
$312,500
$318,750
-2.2%
2017
191
$345,000
$345,000
8.2%
Total change in price
-13.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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