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 Sleepy Hollow home prices have performed since 2007.
Sleepy Hollow historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
27
$337,250
$397,955
-
2008
24
$315,625
$353,500
-11.2%
2009
23
$325,000
$370,500
4.8%
2010
27
$259,000
$290,080
-21.7%
2011
27
$240,000
$261,600
-9.8%
2012
37
$190,000
$203,300
-22.3%
2013
44
$247,000
$259,350
27.6%
2014
37
$230,000
$236,900
-8.7%
2015
41
$263,250
$271,147.50
14.5%
2016
58
$267,000
$272,340
0.4%
2017
63
$285,000
$285,000
4.6%
Total change in price
-28.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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