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 Heritage Lake home prices have performed since 2007.
Heritage Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
37
$159,900
$188,682
-
2008
25
$148,000
$165,760
-12.1%
2009
25
$155,000
$176,700
6.6%
2010
23
$154,500
$173,040
-2.1%
2011
19
$179,000
$195,110
12.8%
2012
22
$177,000
$189,390
-2.9%
2013
20
$167,700
$176,085
-7%
2014
33
$157,000
$161,710
-8.2%
2015
24
$169,950
$175,048.50
8.2%
2016
31
$166,000
$169,320
-3.3%
2017
28
$161,500
$161,500
-4.6%
Total change in price
-14.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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