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 Hillsdale home prices have performed since 2007.
Hillsdale historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
18
$64,250
$75,815
-
2008
17
$100,000
$112,000
47.7%
2009
15
$75,000
$85,500
-23.7%
2010
10
$77,000
$86,240
0.9%
2011
5
$35,000
$38,150
-55.8%
2012
10
$65,750
$70,352.50
84.4%
2013
15
$54,000
$56,700
-19.4%
2014
15
$144,500
$148,835
162.5%
2015
15
$87,000
$89,610
-39.8%
2016
11
$65,000
$66,300
-26%
2017
9
$76,000
$76,000
14.6%
Total change in price
0.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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