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 Steger home prices have performed since 2007.
Steger historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
77
$120,515.51
$142,208.30
-
2008
72
$104,500
$117,040
-17.7%
2009
66
$78,799.64
$89,831.58
-23.2%
2010
71
$72,500
$81,200
-9.6%
2011
43
$50,000
$54,500
-32.9%
2012
71
$52,000
$55,640
2.1%
2013
84
$73,750
$77,437.50
39.2%
2014
94
$39,136.50
$40,310.59
-47.9%
2015
55
$43,000
$44,290
9.9%
2016
51
$47,000
$47,940
8.2%
2017
57
$77,000
$77,000
60.6%
Total change in price
-45.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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