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 Romeoville home prices have performed since 2007.
Romeoville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
675
$186,750
$220,365
-
2008
657
$170,041.89
$190,446.91
-13.6%
2009
710
$145,000
$165,300
-13.2%
2010
676
$144,900
$162,288
-1.8%
2011
583
$125,000
$136,250
-16%
2012
818
$120,000
$128,400
-5.8%
2013
926
$130,000
$136,500
6.3%
2014
948
$139,050
$143,221.50
4.9%
2015
573
$140,900
$145,127
1.3%
2016
603
$153,000
$156,060
7.5%
2017
573
$170,000
$170,000
8.9%
Total change in price
-22.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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