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 Channahon home prices have performed since 2007.
Channahon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
101
$242,500
$286,150
-
2008
45
$228,500
$255,920
-10.6%
2009
33
$224,000
$255,360
-0.2%
2010
41
$195,000
$218,400
-14.5%
2011
35
$180,000
$196,200
-10.2%
2012
38
$167,000
$178,690
-8.9%
2013
58
$202,000
$212,100
18.7%
2014
59
$205,000
$211,150
-0.4%
2015
65
$235,000
$242,050
14.6%
2016
72
$228,125
$232,687.50
-3.9%
2017
66
$246,000
$246,000
5.7%
Total change in price
-14%
Where sale prices were unavailable, the home's assessed value was substituted.
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