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 Boulder Hill home prices have performed since 2007.
Boulder Hill historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
151
$176,000
$207,680
-
2008
99
$162,000
$181,440
-12.6%
2009
90
$130,000
$148,200
-18.3%
2010
120
$118,000
$132,160
-10.8%
2011
99
$95,000
$103,550
-21.6%
2012
113
$97,000
$103,790
0.2%
2013
154
$105,000
$110,250
6.2%
2014
148
$126,500
$130,295
18.2%
2015
165
$134,750
$138,792.50
6.5%
2016
182
$147,750
$150,705
8.6%
2017
196
$160,000
$160,000
6.2%
Total change in price
-23%
Where sale prices were unavailable, the home's assessed value was substituted.
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