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 Minooka home prices have performed since 2007.
Minooka historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
81
$206,000
$243,080
-
2008
34
$165,000
$184,800
-24%
2009
54
$198,750
$226,575
22.6%
2010
38
$174,750
$195,720
-13.6%
2011
38
$165,000
$179,850
-8.1%
2012
41
$180,000
$192,600
7.1%
2013
38
$172,500
$181,125
-6%
2014
35
$188,000
$193,640
6.9%
2015
30
$172,500
$177,675
-8.2%
2016
54
$200,000
$204,000
14.8%
2017
39
$208,500
$208,500
2.2%
Total change in price
-14.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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