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 Bellevue home prices have performed since 2007.
Bellevue historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
48
$77,000
$90,860
-
2008
30
$71,900
$80,528
-11.4%
2009
31
$69,400
$79,116
-1.8%
2010
28
$64,500
$72,240
-8.7%
2011
14
$69,000
$75,210
4.1%
2012
17
$145,000
$155,150
106.3%
2013
18
$183,000
$192,150
23.8%
2014
36
$74,900
$77,147
-59.9%
2015
21
$54,000
$55,620
-27.9%
2016
27
$68,500
$69,870
25.6%
2017
22
$80,000
$80,000
14.5%
Total change in price
-12%
Where sale prices were unavailable, the home's assessed value was substituted.
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