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 Wilmette home prices have performed since 2007.
Wilmette historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
459
$700,000
$826,000
-
2008
318
$650,000
$728,000
-11.9%
2009
293
$563,000
$641,820
-11.8%
2010
349
$602,000
$674,240
5.1%
2011
351
$550,500
$600,045
-11%
2012
419
$550,000
$588,500
-1.9%
2013
494
$535,000
$561,750
-4.5%
2014
496
$611,250
$629,587.50
12.1%
2015
484
$628,250
$647,097.50
2.8%
2016
514
$651,000
$664,020
2.6%
2017
510
$600,000
$600,000
-9.6%
Total change in price
-27.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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