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 Taylor Ridge home prices have performed since 2007.
Taylor Ridge historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
30
$207,250
$244,555
-
2008
19
$140,000
$156,800
-35.9%
2009
28
$167,500
$190,950
21.8%
2010
23
$135,000
$151,200
-20.8%
2011
23
$156,500
$170,585
12.8%
2012
20
$136,000
$145,520
-14.7%
2013
30
$159,500
$167,475
15.1%
2014
23
$158,000
$162,740
-2.8%
2015
31
$165,000
$169,950
4.4%
2016
37
$160,000
$163,200
-4%
2017
25
$160,000
$160,000
-2%
Total change in price
-34.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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