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 Skokie home prices have performed since 2007.
Skokie historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
975
$355,000
$418,900
-
2008
600
$299,500
$335,440
-19.9%
2009
538
$253,000
$288,420
-14%
2010
592
$230,000
$257,600
-10.7%
2011
628
$195,000
$212,550
-17.5%
2012
852
$195,000
$208,650
-1.8%
2013
934
$211,500
$222,075
6.4%
2014
946
$246,000
$253,380
14.1%
2015
956
$258,000
$265,740
4.9%
2016
975
$282,500
$288,150
8.4%
2017
934
$287,000
$287,000
-0.4%
Total change in price
-31.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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