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 Mokena home prices have performed since 2008.
Mokena historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
259
$279,000
$326,430
-
2009
213
$246,250
$288,112.50
-11.7%
2010
245
$242,000
$275,880
-4.2%
2011
231
$245,000
$276,850
0.4%
2012
321
$225,000
$245,250
-11.4%
2013
402
$253,450
$273,726
11.6%
2014
382
$262,923.21
$278,698.60
1.8%
2015
300
$249,900
$264,894
-5%
2016
306
$270,000
$283,500
7%
2017
296
$288,750
$294,525
3.9%
2018
237
$275,000
$275,000
-6.6%
Total change in price
-15.8%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up