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 Lockport home prices have performed since 2007.
Lockport historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
588
$210,000
$247,800
-
2008
490
$195,000
$218,400
-11.9%
2009
454
$182,500
$208,050
-4.7%
2010
465
$180,000
$201,600
-3.1%
2011
374
$165,000
$179,850
-10.8%
2012
483
$157,375
$168,391.25
-6.4%
2013
670
$164,760.89
$172,998.93
2.7%
2014
656
$165,000
$169,950
-1.8%
2015
572
$172,000
$177,160
4.2%
2016
558
$179,900
$183,498
3.6%
2017
272
$189,750
$189,750
3.4%
Total change in price
-23.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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