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 Schiller Park home prices have performed since 2007.
Schiller Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
119
$201,500
$237,770
-
2008
72
$215,500
$241,360
1.5%
2009
108
$128,750
$146,775
-39.2%
2010
134
$120,000
$134,400
-8.4%
2011
155
$85,000
$92,650
-31.1%
2012
150
$80,900
$86,563
-6.6%
2013
138
$124,000
$130,200
50.4%
2014
155
$132,000
$135,960
4.4%
2015
138
$140,000
$144,200
6.1%
2016
148
$179,000
$182,580
26.6%
2017
121
$185,000
$185,000
1.3%
Total change in price
-22.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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