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 Plainfield home prices have performed since 2007.
Plainfield historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
143
$409,500
$483,210
-
2008
91
$389,000
$435,680
-9.8%
2009
67
$337,500
$384,750
-11.7%
2010
68
$298,500
$334,320
-13.1%
2011
63
$325,000
$354,250
6%
2012
101
$312,500
$334,375
-5.6%
2013
90
$308,250
$323,662.50
-3.2%
2014
91
$366,000
$376,980
16.5%
2015
75
$329,900
$339,797
-9.9%
2016
64
$344,500
$351,390
3.4%
2017
71
$367,000
$367,000
4.4%
Total change in price
-24%
Where sale prices were unavailable, the home's assessed value was substituted.
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