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 Westchester home prices have performed since 2007.
Westchester historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
282
$279,000
$329,220
-
2008
149
$245,000
$274,400
-16.7%
2009
180
$220,000
$250,800
-8.6%
2010
187
$205,000
$229,600
-8.5%
2011
180
$170,000
$185,300
-19.3%
2012
305
$160,000
$171,200
-7.6%
2013
322
$171,750
$180,337.50
5.3%
2014
312
$185,000
$190,550
5.7%
2015
341
$204,250
$210,377.50
10.4%
2016
356
$220,250
$224,655
6.8%
2017
354
$234,000
$234,000
4.2%
Total change in price
-28.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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