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 Willowbrook home prices have performed since 2007.
Willowbrook historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
162
$231,250
$272,875
-
2008
112
$220,000
$246,400
-9.7%
2009
106
$193,000
$220,020
-10.7%
2010
115
$197,500
$221,200
0.5%
2011
112
$143,250
$156,142.50
-29.4%
2012
145
$135,000
$144,450
-7.5%
2013
156
$152,000
$159,600
10.5%
2014
174
$172,250
$177,417.50
11.2%
2015
169
$164,000
$168,920
-4.8%
2016
201
$200,000
$204,000
20.8%
2017
111
$182,775
$182,775
-10.4%
Total change in price
-33%
Where sale prices were unavailable, the home's assessed value was substituted.
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