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 Grove home prices have performed since 2007.
River Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
103
$255,000
$300,900
-
2008
73
$203,500
$227,920
-24.3%
2009
66
$179,000
$204,060
-10.5%
2010
110
$150,000
$168,000
-17.7%
2011
91
$119,000
$129,710
-22.8%
2012
119
$104,000
$111,280
-14.2%
2013
134
$124,500
$130,725
17.5%
2014
133
$142,000
$146,260
11.9%
2015
133
$175,000
$180,250
23.2%
2016
147
$153,000
$156,060
-13.4%
2017
158
$192,000
$192,000
23%
Total change in price
-36.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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