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 Winnetka home prices have performed since 2007.
Winnetka historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
256
$1,050,000
$1,239,000
-
2008
175
$1,184,000
$1,326,080
7%
2009
154
$1,000,000
$1,140,000
-14%
2010
206
$961,250
$1,076,600
-5.6%
2011
225
$880,000
$959,200
-10.9%
2012
229
$871,250
$932,237.50
-2.8%
2013
281
$900,000
$945,000
1.4%
2014
253
$1,178,000
$1,213,340
28.4%
2015
247
$955,000
$983,650
-18.9%
2016
275
$1,050,000
$1,071,000
8.9%
2017
268
$963,000
$963,000
-10.1%
Total change in price
-22.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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