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 Silver Lake home prices have performed since 2007.
Silver Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
6
$224,500
$264,910
-
2008
6
$146,095
$163,626.40
-38.2%
2009
4
$167,500
$190,950
16.7%
2010
5
$148,000
$165,760
-13.2%
2011
5
$103,500
$112,815
-31.9%
2012
16
$85,500
$91,485
-18.9%
2013
12
$107,500
$112,875
23.4%
2014
9
$101,000
$104,030
-7.8%
2015
12
$99,500
$102,485
-1.5%
2016
16
$134,507
$137,197.14
33.9%
2017
16
$172,500
$172,500
25.7%
Total change in price
-34.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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