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 Oswego home prices have performed since 2007.
Oswego historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
1,075
$261,000
$307,980
-
2008
658
$256,500
$287,280
-6.7%
2009
588
$215,000
$245,100
-14.7%
2010
561
$210,000
$235,200
-4%
2011
522
$200,630
$218,686.70
-7%
2012
639
$183,250
$196,077.50
-10.3%
2013
850
$187,000
$196,350
0.1%
2014
821
$212,000
$218,360
11.2%
2015
715
$208,000
$214,240
-1.9%
2016
847
$219,000
$223,380
4.3%
2017
864
$230,000
$230,000
3%
Total change in price
-25.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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