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 Shorewood home prices have performed since 2007.
Shorewood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
402
$264,295
$311,868.10
-
2008
327
$258,085
$289,055.20
-7.3%
2009
232
$222,000
$253,080
-12.4%
2010
230
$220,000
$246,400
-2.6%
2011
202
$212,500
$231,625
-6%
2012
307
$205,000
$219,350
-5.3%
2013
381
$208,250
$218,662.50
-0.3%
2014
410
$215,750
$222,222.50
1.6%
2015
319
$226,145
$232,929.35
4.8%
2016
267
$225,000
$229,500
-1.5%
2017
227
$220,500
$220,500
-3.9%
Total change in price
-29.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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