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 Channahon home prices have performed since 2007.
Channahon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
112
$224,200
$264,556
-
2008
107
$210,500
$235,760
-10.9%
2009
98
$200,948.81
$229,081.64
-2.8%
2010
114
$167,750
$187,880
-18%
2011
104
$158,738.23
$173,024.67
-7.9%
2012
109
$168,000
$179,760
3.9%
2013
166
$180,000
$189,000
5.1%
2014
150
$172,700
$177,881
-5.9%
2015
104
$189,700
$195,391
9.8%
2016
126
$183,500
$187,170
-4.2%
2017
147
$224,500
$224,500
19.9%
Total change in price
-15.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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