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 Hanover Park home prices have performed since 2007.
Hanover Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
267
$201,000
$237,180
-
2008
194
$182,000
$203,840
-14.1%
2009
174
$138,900
$158,346
-22.3%
2010
177
$121,000
$135,520
-14.4%
2011
158
$108,500
$118,265
-12.7%
2012
171
$110,000
$117,700
-0.5%
2013
235
$120,000
$126,000
7.1%
2014
190
$150,750
$155,272.50
23.2%
2015
238
$151,000
$155,530
0.2%
2016
259
$154,000
$157,080
1%
2017
143
$170,085.50
$170,085.50
8.3%
Total change in price
-28.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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