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 Peotone home prices have performed since 2007.
Peotone historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
71
$204,370
$241,156.60
-
2008
60
$190,000
$212,800
-11.8%
2009
32
$174,125
$198,502.50
-6.7%
2010
49
$149,000
$166,880
-15.9%
2011
34
$168,000
$183,120
9.7%
2012
49
$155,000
$165,850
-9.4%
2013
68
$150,172.48
$157,681.10
-4.9%
2014
74
$158,500
$163,255
3.5%
2015
53
$155,000
$159,650
-2.2%
2016
47
$173,000
$176,460
10.5%
2017
21
$150,000
$150,000
-15%
Total change in price
-37.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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