To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Channahon home prices have performed since 2008.
Channahon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
106
$210,500
$246,285
-
2009
97
$200,948.81
$235,110.10
-4.5%
2010
114
$167,750
$191,235
-18.7%
2011
101
$158,369.11
$178,957.09
-6.4%
2012
110
$167,100
$182,139
1.8%
2013
167
$180,000
$194,400
6.7%
2014
149
$172,700
$183,062
-5.8%
2015
107
$188,900
$200,234
9.4%
2016
127
$183,500
$192,675
-3.8%
2017
142
$228,450
$233,019
20.9%
2018
120
$231,750
$231,750
-0.5%
Total change in price
-5.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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