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 Melrose Park home prices have performed since 2007.
Melrose Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
238
$254,500
$300,310
-
2008
117
$206,000
$230,720
-23.2%
2009
198
$128,000
$145,920
-36.8%
2010
214
$120,000
$134,400
-7.9%
2011
220
$115,000
$125,350
-6.7%
2012
243
$84,000
$89,880
-28.3%
2013
307
$112,250
$117,862.50
31.1%
2014
259
$125,000
$128,750
9.2%
2015
264
$149,000
$153,470
19.2%
2016
272
$165,000
$168,300
9.7%
2017
304
$180,000
$180,000
7%
Total change in price
-40.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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