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 Burbank home prices have performed since 2007.
Burbank historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
309
$244,250
$288,215
-
2008
195
$206,000
$230,720
-19.9%
2009
212
$166,000
$189,240
-18%
2010
230
$160,000
$179,200
-5.3%
2011
228
$122,500
$133,525
-25.5%
2012
240
$122,000
$130,540
-2.2%
2013
337
$128,000
$134,400
3%
2014
308
$144,000
$148,320
10.4%
2015
331
$158,000
$162,740
9.7%
2016
362
$170,000
$173,400
6.6%
2017
390
$178,000
$178,000
2.7%
Total change in price
-38.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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