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 Western Springs home prices have performed since 2007.
Western Springs historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
191
$569,000
$671,420
-
2008
150
$521,000
$583,520
-13.1%
2009
127
$451,000
$514,140
-11.9%
2010
121
$449,500
$503,440
-2.1%
2011
127
$425,000
$463,250
-8%
2012
181
$425,000
$454,750
-1.8%
2013
236
$457,000
$479,850
5.5%
2014
214
$502,500
$517,575
7.9%
2015
233
$530,000
$545,900
5.5%
2016
255
$510,000
$520,200
-4.7%
2017
227
$530,000
$530,000
1.9%
Total change in price
-21.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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