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 Lakewood Falls home prices have performed since 2007.
Lakewood Falls historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
38
$169,204
$199,660.72
-
2008
20
$165,000
$184,800
-7.4%
2009
15
$141,050
$160,797
-13%
2010
28
$132,000
$147,840
-8.1%
2011
23
$110,313
$120,241.17
-18.7%
2012
42
$98,750
$105,662.50
-12.1%
2013
32
$111,750
$117,337.50
11%
2014
22
$122,500
$126,175
7.5%
2015
11
$130,000
$133,900
6.1%
2016
14
$139,000
$141,780
5.9%
2017
7
$155,500
$155,500
9.7%
Total change in price
-22.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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