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 Bridgeview home prices have performed since 2007.
Bridgeview historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
181
$230,000
$271,400
-
2008
130
$215,500
$241,360
-11.1%
2009
89
$185,000
$210,900
-12.6%
2010
99
$163,500
$183,120
-13.2%
2011
94
$152,000
$165,680
-9.5%
2012
149
$140,000
$149,800
-9.6%
2013
121
$132,000
$138,600
-7.5%
2014
148
$150,000
$154,500
11.5%
2015
150
$150,000
$154,500
0%
2016
158
$161,000
$164,220
6.3%
2017
160
$173,000
$173,000
5.3%
Total change in price
-36.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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