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 Riverside home prices have performed since 2007.
Riverside historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
115
$400,000
$472,000
-
2008
84
$380,500
$426,160
-9.7%
2009
57
$351,500
$400,710
-6%
2010
91
$372,000
$416,640
4%
2011
75
$324,000
$353,160
-15.2%
2012
119
$290,000
$310,300
-12.1%
2013
170
$312,000
$327,600
5.6%
2014
132
$334,500
$344,535
5.2%
2015
156
$350,000
$360,500
4.6%
2016
143
$372,500
$379,950
5.4%
2017
185
$375,000
$375,000
-1.3%
Total change in price
-20.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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