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 Morris home prices have performed since 2007.
Morris historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
254
$184,500
$217,710
-
2008
189
$175,000
$196,000
-10%
2009
166
$154,500
$176,130
-10.1%
2010
153
$159,500
$178,640
1.4%
2011
152
$140,000
$152,600
-14.6%
2012
199
$160,000
$171,200
12.2%
2013
203
$165,000
$173,250
1.2%
2014
241
$162,000
$166,860
-3.7%
2015
240
$172,000
$177,160
6.2%
2016
239
$164,900
$168,198
-5.1%
2017
273
$175,400
$175,400
4.3%
Total change in price
-19.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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