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 Long Creek home prices have performed since 2007.
Long Creek historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
93
$105,000
$123,900
-
2008
89
$125,000
$140,000
13%
2009
49
$108,000
$123,120
-12.1%
2010
44
$138,000
$154,560
25.5%
2011
49
$110,000
$119,900
-22.4%
2012
62
$96,750
$103,522.50
-13.7%
2013
60
$104,500
$109,725
6%
2014
54
$141,750
$146,002.50
33.1%
2015
54
$126,130
$129,913.90
-11%
2016
53
$102,500
$104,550
-19.5%
2017
60
$136,250
$136,250
30.3%
Total change in price
10%
Where sale prices were unavailable, the home's assessed value was substituted.
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