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 Joliet home prices have performed since 2007.
Joliet historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
620
$251,000
$296,180
-
2008
301
$227,000
$254,240
-14.2%
2009
235
$203,000
$231,420
-9%
2010
192
$180,000
$201,600
-12.9%
2011
203
$172,000
$187,480
-7%
2012
215
$174,000
$186,180
-0.7%
2013
285
$185,000
$194,250
4.3%
2014
273
$200,000
$206,000
6%
2015
217
$203,000
$209,090
1.5%
2016
257
$208,000
$212,160
1.5%
2017
260
$220,000
$220,000
3.7%
Total change in price
-25.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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