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 Glendale Heights home prices have performed since 2007.
Glendale Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
431
$202,000
$238,360
-
2008
285
$182,000
$203,840
-14.5%
2009
329
$150,000
$171,000
-16.1%
2010
338
$124,000
$138,880
-18.8%
2011
319
$105,000
$114,450
-17.6%
2012
340
$112,000
$119,840
4.7%
2013
442
$120,000
$126,000
5.1%
2014
367
$152,000
$156,560
24.3%
2015
412
$153,000
$157,590
0.7%
2016
399
$166,500
$169,830
7.8%
2017
229
$170,000
$170,000
0.1%
Total change in price
-28.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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