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 Preston Heights home prices have performed since 2007.
Preston Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
39
$103,000
$121,540
-
2008
39
$88,989
$99,667.68
-18%
2009
34
$76,450
$87,153
-12.6%
2010
27
$56,250
$63,000
-27.7%
2011
27
$52,500
$57,225
-9.2%
2012
20
$58,316.90
$62,399.08
9%
2013
51
$64,000
$67,200
7.7%
2014
37
$37,500
$38,625
-42.5%
2015
30
$53,777.50
$55,390.82
43.4%
2016
22
$76,500
$78,030
40.9%
2017
25
$110,000
$110,000
41%
Total change in price
-9.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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