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 River Forest home prices have performed since 2007.
River Forest historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
151
$537,500
$634,250
-
2008
123
$475,000
$532,000
-16.1%
2009
108
$487,250
$555,465
4.4%
2010
117
$450,000
$504,000
-9.3%
2011
124
$463,750
$505,487.50
0.3%
2012
164
$402,000
$430,140
-14.9%
2013
232
$470,000
$493,500
14.7%
2014
180
$447,000
$460,410
-6.7%
2015
203
$475,000
$489,250
6.3%
2016
221
$450,000
$459,000
-6.2%
2017
225
$493,000
$493,000
7.4%
Total change in price
-22.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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