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 Oblong home prices have performed since 2007.
Oblong historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
44
$47,450
$55,991
-
2008
36
$45,750
$51,240
-8.5%
2009
30
$47,250
$53,865
5.1%
2010
32
$33,000
$36,960
-31.4%
2011
28
$47,500
$51,775
40.1%
2012
39
$43,500
$46,545
-10.1%
2013
36
$59,750
$62,737.50
34.8%
2014
34
$40,000
$41,200
-34.3%
2015
42
$47,000
$48,410
17.5%
2016
33
$60,000
$61,200
26.4%
2017
63
$43,000
$43,000
-29.7%
Total change in price
-23.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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