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 Stone Park home prices have performed since 2007.
Stone Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
24
$247,500
$292,050
-
2008
9
$190,000
$212,800
-27.1%
2009
22
$83,000
$94,620
-55.5%
2010
30
$70,000
$78,400
-17.1%
2011
12
$70,000
$76,300
-2.7%
2012
43
$50,000
$53,500
-29.9%
2013
35
$65,250
$68,512.50
28.1%
2014
32
$70,000
$72,100
5.2%
2015
31
$88,000
$90,640
25.7%
2016
31
$122,500
$124,950
37.9%
2017
20
$132,500
$132,500
6%
Total change in price
-54.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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