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 Fisher home prices have performed since 2007.
Fisher historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
70
$119,500
$141,010
-
2008
44
$121,750
$136,360
-3.3%
2009
47
$115,000
$131,100
-3.9%
2010
36
$96,750
$108,360
-17.3%
2011
44
$111,500
$121,535
12.2%
2012
69
$86,000
$92,020
-24.3%
2013
55
$101,500
$106,575
15.8%
2014
49
$126,000
$129,780
21.8%
2015
51
$120,000
$123,600
-4.8%
2016
49
$130,000
$132,600
7.3%
2017
61
$118,500
$118,500
-10.6%
Total change in price
-16%
Where sale prices were unavailable, the home's assessed value was substituted.
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