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 Gilberts home prices have performed since 2007.
Gilberts historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
205
$275,152
$324,679.36
-
2008
142
$266,160.50
$298,099.76
-8.2%
2009
86
$240,000
$273,600
-8.2%
2010
105
$230,000
$257,600
-5.8%
2011
78
$180,000
$196,200
-23.8%
2012
106
$161,400
$172,698
-12%
2013
131
$200,900
$210,945
22.1%
2014
124
$179,000
$184,370
-12.6%
2015
143
$191,000
$196,730
6.7%
2016
118
$240,500
$245,310
24.7%
2017
145
$212,000
$212,000
-13.6%
Total change in price
-34.7%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up