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 Holiday Shores home prices have performed since 2007.
Holiday Shores historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
61
$149,900
$176,882
-
2008
55
$153,000
$171,360
-3.1%
2009
63
$165,000
$188,100
9.8%
2010
38
$166,000
$185,920
-1.2%
2011
32
$170,000
$185,300
-0.3%
2012
39
$164,750
$176,282.50
-4.9%
2013
38
$161,450
$169,522.50
-3.8%
2014
60
$177,500
$182,825
7.8%
2015
60
$149,950
$154,448.50
-15.5%
2016
64
$176,450
$179,979
16.5%
2017
55
$181,000
$181,000
0.6%
Total change in price
2.3%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.