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 Lake Catherine home prices have performed since 2007.
Lake Catherine historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
28
$170,000
$200,600
-
2008
13
$138,000
$154,560
-23%
2009
20
$75,000
$85,500
-44.7%
2010
20
$131,500
$147,280
72.3%
2011
12
$145,000
$158,050
7.3%
2012
12
$125,000
$133,750
-15.4%
2013
22
$68,500
$71,925
-46.2%
2014
26
$116,606.50
$120,104.69
67%
2015
24
$105,000
$108,150
-10%
2016
17
$110,000
$112,200
3.7%
2017
30
$146,000
$146,000
30.1%
Total change in price
-27.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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