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Wednesday, November 13, 2019

2017 home sales: State Park Place price history

Real Estate

By Local Labs News Service | Apr 26, 2018

Re 14

Historical home sales data show whether price appreciation has outpaced inflation and tax rates. BlockShopper.com has calculated cities' median sales prices for the past 10 years, adjusting for inflation.

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 State Park Place home prices have performed since 2007.

State Park Place historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
6
$30,500
$35,990
-
2008
3
$15,000
$16,800
-53.3%
2009
4
$35,500
$40,470
140.9%
2010
4
$14,000
$15,680
-61.3%
2011
4
$8,750
$9,537.50
-39.2%
2012
5
$18,000
$19,260
101.9%
2013
5
$50,000
$52,500
172.6%
2014
2
$10,750
$11,072.50
-78.9%
2015
7
$32,000
$32,960
197.7%
2016
2
$45,300
$46,206
40.2%
2017
5
$12,000
$12,000
-74%
Total change in price
-66.7%

Where sale prices were unavailable, the home's assessed value was substituted.

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