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 Ridgewood home prices have performed since 2007.
Ridgewood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
18
$115,000
$135,700
-
2008
14
$109,700
$122,864
-9.5%
2009
18
$49,080.08
$55,951.29
-54.5%
2010
19
$37,600
$42,112
-24.7%
2011
18
$42,400
$46,216
9.7%
2012
26
$31,250
$33,437.50
-27.6%
2013
19
$65,100
$68,355
104.4%
2014
15
$40,000
$41,200
-39.7%
2015
5
$69,900
$71,997
74.8%
2016
10
$86,500
$88,230
22.5%
2017
10
$79,500
$79,500
-9.9%
Total change in price
-41.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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