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 New Berlin home prices have performed since 2007.
New Berlin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
39
$100,000
$118,000
-
2008
39
$97,054.50
$108,701.04
-7.9%
2009
39
$97,000
$110,580
1.7%
2010
29
$118,000
$132,160
19.5%
2011
32
$146,330.50
$159,500.24
20.7%
2012
48
$136,000
$145,520
-8.8%
2013
45
$110,000
$115,500
-20.6%
2014
47
$105,000
$108,150
-6.4%
2015
38
$138,750
$142,912.50
32.1%
2016
41
$137,500
$140,250
-1.9%
2017
57
$127,500
$127,500
-9.1%
Total change in price
8.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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