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 Burr Ridge home prices have performed since 2007.
Burr Ridge historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
80
$702,500
$828,950
-
2008
50
$690,000
$772,800
-6.8%
2009
68
$625,000
$712,500
-7.8%
2010
77
$640,000
$716,800
0.6%
2011
70
$600,000
$654,000
-8.8%
2012
83
$555,000
$593,850
-9.2%
2013
117
$550,000
$577,500
-2.8%
2014
107
$602,250
$620,317.50
7.4%
2015
113
$640,000
$659,200
6.3%
2016
111
$710,000
$724,200
9.9%
2017
60
$575,000
$575,000
-20.6%
Total change in price
-30.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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