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 Northlake home prices have performed since 2007.
Northlake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
122
$235,500
$277,890
-
2008
90
$178,250
$199,640
-28.2%
2009
95
$121,000
$137,940
-30.9%
2010
125
$110,000
$123,200
-10.7%
2011
116
$94,000
$102,460
-16.8%
2012
137
$68,000
$72,760
-29%
2013
163
$110,500
$116,025
59.5%
2014
146
$120,000
$123,600
6.5%
2015
132
$127,000
$130,810
5.8%
2016
139
$160,000
$163,200
24.8%
2017
175
$170,000
$170,000
4.2%
Total change in price
-38.8%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up