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 Lakewood home prices have performed since 2007.
Lakewood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
90
$420,000
$495,600
-
2008
51
$390,000
$436,800
-11.9%
2009
56
$360,000
$410,400
-6%
2010
53
$395,500
$442,960
7.9%
2011
67
$372,000
$405,480
-8.5%
2012
67
$291,500
$311,905
-23.1%
2013
85
$322,000
$338,100
8.4%
2014
82
$349,500
$359,985
6.5%
2015
75
$350,000
$360,500
0.1%
2016
99
$320,000
$326,400
-9.5%
2017
82
$332,000
$332,000
1.7%
Total change in price
-33%
Where sale prices were unavailable, the home's assessed value was substituted.
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