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 Itasca home prices have performed since 2007.
Itasca historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
104
$335,737.50
$396,170.25
-
2008
74
$304,000
$340,480
-14.1%
2009
71
$260,000
$296,400
-12.9%
2010
75
$260,000
$291,200
-1.8%
2011
74
$222,500
$242,525
-16.7%
2012
100
$223,500
$239,145
-1.4%
2013
132
$240,000
$252,000
5.4%
2014
99
$264,000
$271,920
7.9%
2015
120
$266,500
$274,495
0.9%
2016
145
$265,000
$270,300
-1.5%
2017
75
$272,500
$272,500
0.8%
Total change in price
-31.2%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up