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 Bartlett home prices have performed since 2007.
Bartlett historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
356
$292,000
$344,560
-
2008
210
$276,000
$309,120
-10.3%
2009
144
$230,000
$262,200
-15.2%
2010
131
$225,000
$252,000
-3.9%
2011
135
$198,000
$215,820
-14.4%
2012
225
$166,000
$177,620
-17.7%
2013
257
$198,000
$207,900
17%
2014
216
$205,000
$211,150
1.6%
2015
250
$230,000
$236,900
12.2%
2016
310
$227,000
$231,540
-2.3%
2017
335
$234,000
$234,000
1.1%
Total change in price
-32.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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