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 Maywood home prices have performed since 2007.
Maywood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
250
$180,000
$212,400
-
2008
155
$118,500
$132,720
-37.5%
2009
187
$44,000
$50,160
-62.2%
2010
220
$44,750
$50,120
-0.1%
2011
196
$42,250
$46,052.50
-8.1%
2012
210
$35,000
$37,450
-18.7%
2013
251
$42,500
$44,625
19.2%
2014
251
$52,000
$53,560
20%
2015
254
$65,500
$67,465
26%
2016
269
$75,000
$76,500
13.4%
2017
284
$123,000
$123,000
60.8%
Total change in price
-42.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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