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 Montgomery home prices have performed since 2007.
Montgomery historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
436
$270,000
$318,600
-
2008
252
$235,000
$263,200
-17.4%
2009
233
$199,000
$226,860
-13.8%
2010
214
$184,000
$206,080
-9.2%
2011
205
$166,000
$180,940
-12.2%
2012
248
$165,000
$176,550
-2.4%
2013
287
$170,000
$178,500
1.1%
2014
243
$185,000
$190,550
6.8%
2015
264
$195,000
$200,850
5.4%
2016
265
$210,000
$214,200
6.6%
2017
289
$215,000
$215,000
0.4%
Total change in price
-32.5%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up