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 North Riverside home prices have performed since 2007.
North Riverside historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
91
$255,000
$300,900
-
2008
67
$233,000
$260,960
-13.3%
2009
49
$217,000
$247,380
-5.2%
2010
57
$200,000
$224,000
-9.5%
2011
61
$165,000
$179,850
-19.7%
2012
88
$158,500
$169,595
-5.7%
2013
105
$160,000
$168,000
-0.9%
2014
94
$174,000
$179,220
6.7%
2015
81
$200,000
$206,000
14.9%
2016
98
$219,000
$223,380
8.4%
2017
109
$239,000
$239,000
7%
Total change in price
-20.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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