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 Sauk Village home prices have performed since 2007.
Sauk Village historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
240
$104,500
$123,310
-
2008
147
$70,000
$78,400
-36.4%
2009
145
$35,000
$39,900
-49.1%
2010
138
$23,750
$26,600
-33.3%
2011
122
$26,500
$28,885
8.6%
2012
106
$20,500
$21,935
-24.1%
2013
136
$22,000
$23,100
5.3%
2014
118
$24,000
$24,720
7%
2015
199
$34,000
$35,020
41.7%
2016
149
$29,000
$29,580
-15.5%
2017
184
$37,500
$37,500
26.8%
Total change in price
-69.6%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up