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 Highwood home prices have performed since 2007.
Highwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
26
$360,000
$424,800
-
2008
22
$277,500
$310,800
-26.8%
2009
18
$247,500
$282,150
-9.2%
2010
19
$270,000
$302,400
7.2%
2011
21
$215,000
$234,350
-22.5%
2012
22
$215,500
$230,585
-1.6%
2013
27
$260,000
$273,000
18.4%
2014
46
$249,000
$256,470
-6.1%
2015
29
$314,000
$323,420
26.1%
2016
36
$299,500
$305,490
-5.5%
2017
26
$373,500
$373,500
22.3%
Total change in price
-12.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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