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 Woodridge home prices have performed since 2007.
Woodridge historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
415
$264,500
$312,110
-
2008
267
$244,200
$273,504
-12.4%
2009
256
$215,000
$245,100
-10.4%
2010
200
$227,000
$254,240
3.7%
2011
223
$200,750
$218,817.50
-13.9%
2012
284
$178,500
$190,995
-12.7%
2013
380
$190,000
$199,500
4.5%
2014
334
$215,000
$221,450
11%
2015
416
$226,000
$232,780
5.1%
2016
369
$251,500
$256,530
10.2%
2017
223
$267,000
$267,000
4.1%
Total change in price
-14.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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