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 Vernon Hills home prices have performed since 2007.
Vernon Hills historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
490
$330,000
$389,400
-
2008
319
$325,000
$364,000
-6.5%
2009
257
$290,000
$330,600
-9.2%
2010
241
$275,000
$308,000
-6.8%
2011
267
$240,000
$261,600
-15.1%
2012
344
$235,000
$251,450
-3.9%
2013
482
$262,750
$275,887.50
9.7%
2014
419
$265,000
$272,950
-1.1%
2015
476
$306,000
$315,180
15.5%
2016
494
$310,000
$316,200
0.3%
2017
539
$306,000
$306,000
-3.2%
Total change in price
-21.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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