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 Prestbury home prices have performed since 2007.
Prestbury historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
27
$343,500
$405,330
-
2008
16
$293,750
$329,000
-18.8%
2009
16
$240,750
$274,455
-16.6%
2010
26
$269,500
$301,840
10%
2011
21
$215,000
$234,350
-22.4%
2012
27
$217,500
$232,725
-0.7%
2013
32
$218,000
$228,900
-1.6%
2014
34
$269,500
$277,585
21.3%
2015
50
$229,250
$236,127.50
-14.9%
2016
48
$249,450
$254,439
7.8%
2017
51
$258,000
$258,000
1.4%
Total change in price
-36.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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