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 Monee home prices have performed since 2007.
Monee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
124
$214,989
$253,687.02
-
2008
109
$200,000
$224,000
-11.7%
2009
112
$180,000
$205,200
-8.4%
2010
89
$166,320
$186,278.40
-9.2%
2011
75
$170,000
$185,300
-0.5%
2012
91
$130,000
$139,100
-24.9%
2013
102
$140,000
$147,000
5.7%
2014
130
$146,975
$151,384.25
3%
2015
94
$153,075.50
$157,667.76
4.2%
2016
99
$160,000
$163,200
3.5%
2017
77
$177,000
$177,000
8.5%
Total change in price
-30.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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