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 Mokena home prices have performed since 2007.
Mokena historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
268
$257,000
$303,260
-
2008
255
$282,000
$315,840
4.1%
2009
211
$246,250
$280,725
-11.1%
2010
245
$242,000
$271,040
-3.4%
2011
224
$247,055.37
$269,290.35
-0.6%
2012
308
$225,000
$240,750
-10.6%
2013
386
$248,500
$260,925
8.4%
2014
373
$262,923.21
$270,810.90
3.8%
2015
290
$250,000
$257,500
-4.9%
2016
282
$266,250
$271,575
5.5%
2017
262
$288,750
$288,750
6.3%
Total change in price
-4.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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