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 Lincoln Estates home prices have performed since 2007.
Lincoln Estates historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
3
$253,000
$298,540
-
2008
5
$295,000
$330,400
10.7%
2009
5
$222,500
$253,650
-23.2%
2010
8
$146,500
$164,080
-35.3%
2011
3
$260,000
$283,400
72.7%
2012
6
$181,500
$194,205
-31.5%
2013
6
$86,000
$90,300
-53.5%
2014
12
$125,500
$129,265
43.2%
2015
6
$161,000
$165,830
28.3%
2016
9
$249,900
$254,898
53.7%
2017
4
$211,500
$211,500
-17%
Total change in price
-29.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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