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 New Lenox home prices have performed since 2007.
New Lenox historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
501
$284,000
$335,120
-
2008
395
$265,000
$296,800
-11.4%
2009
288
$245,000
$279,300
-5.9%
2010
324
$225,000
$252,000
-9.8%
2011
306
$229,476
$250,128.84
-0.7%
2012
466
$221,000
$236,470
-5.5%
2013
637
$227,500
$238,875
1%
2014
631
$235,000
$242,050
1.3%
2015
472
$237,050
$244,161.50
0.9%
2016
475
$235,000
$239,700
-1.8%
2017
287
$245,000
$245,000
2.2%
Total change in price
-26.9%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up