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 Coal City home prices have performed since 2007.
Coal City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
117
$165,000
$194,700
-
2008
72
$158,250
$177,240
-9%
2009
86
$144,750
$165,015
-6.9%
2010
74
$140,000
$156,800
-5%
2011
65
$131,000
$142,790
-8.9%
2012
75
$125,000
$133,750
-6.3%
2013
79
$138,000
$144,900
8.3%
2014
96
$145,000
$149,350
3.1%
2015
90
$151,500
$156,045
4.5%
2016
118
$149,000
$151,980
-2.6%
2017
114
$152,500
$152,500
0.3%
Total change in price
-21.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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