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 Arbury Hills home prices have performed since 2007.
Arbury Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
19
$193,000
$227,740
-
2008
13
$185,000
$207,200
-9%
2009
11
$181,000
$206,340
-0.4%
2010
12
$149,911.17
$167,900.51
-18.6%
2011
13
$170,500
$185,845
10.7%
2012
24
$131,500
$140,705
-24.3%
2013
26
$148,750
$156,187.50
11%
2014
16
$153,000
$157,590
0.9%
2015
19
$170,000
$175,100
11.1%
2016
13
$156,500
$159,630
-8.8%
2017
18
$179,250
$179,250
12.3%
Total change in price
-21.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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