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 Wheeling home prices have performed since 2007.
Wheeling historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
463
$213,750
$252,225
-
2008
294
$190,000
$212,800
-15.6%
2009
279
$170,000
$193,800
-8.9%
2010
305
$150,000
$168,000
-13.3%
2011
346
$115,000
$125,350
-25.4%
2012
487
$105,000
$112,350
-10.4%
2013
541
$126,500
$132,825
18.2%
2014
462
$142,500
$146,775
10.5%
2015
505
$153,500
$158,105
7.7%
2016
489
$169,000
$172,380
9%
2017
552
$178,500
$178,500
3.6%
Total change in price
-29.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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