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 Elwood home prices have performed since 2007.
Elwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
37
$194,000
$228,920
-
2008
37
$193,000
$216,160
-5.6%
2009
19
$169,000
$192,660
-10.9%
2010
23
$155,000
$173,600
-9.9%
2011
38
$135,500
$147,695
-14.9%
2012
51
$128,500
$137,495
-6.9%
2013
55
$133,000
$139,650
1.6%
2014
54
$125,500
$129,265
-7.4%
2015
29
$130,000
$133,900
3.6%
2016
44
$156,950
$160,089
19.6%
2017
41
$177,000
$177,000
10.6%
Total change in price
-22.7%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up