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 Addison home prices have performed since 2007.
Addison historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
285
$270,000
$318,600
-
2008
211
$240,000
$268,800
-15.6%
2009
271
$185,000
$210,900
-21.5%
2010
258
$177,000
$198,240
-6%
2011
245
$150,000
$163,500
-17.5%
2012
241
$165,500
$177,085
8.3%
2013
354
$167,500
$175,875
-0.7%
2014
331
$189,500
$195,185
11%
2015
362
$205,000
$211,150
8.2%
2016
384
$219,000
$223,380
5.8%
2017
227
$225,000
$225,000
0.7%
Total change in price
-29.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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