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 Bourbonnais home prices have performed since 2007.
Bourbonnais historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
486
$180,000
$212,400
-
2008
278
$196,000
$219,520
3.4%
2009
247
$170,000
$193,800
-11.7%
2010
175
$166,000
$185,920
-4.1%
2011
178
$156,500
$170,585
-8.2%
2012
235
$165,100
$176,657
3.6%
2013
321
$156,000
$163,800
-7.3%
2014
280
$161,250
$166,087.50
1.4%
2015
293
$164,500
$169,435
2%
2016
348
$162,250
$165,495
-2.3%
2017
303
$169,000
$169,000
2.1%
Total change in price
-20.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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