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 Oakland home prices have performed since 2007.
Oakland historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
39
$40,000
$47,200
-
2008
19
$50,000
$56,000
18.6%
2009
25
$45,000
$51,300
-8.4%
2010
20
$48,900
$54,768
6.8%
2011
20
$69,750
$76,027.50
38.8%
2012
18
$58,887
$63,009.09
-17.1%
2013
23
$51,000
$53,550
-15%
2014
19
$65,000
$66,950
25%
2015
15
$99,000
$101,970
52.3%
2016
17
$62,000
$63,240
-38%
2017
22
$85,250
$85,250
34.8%
Total change in price
80.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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