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 Oakley home prices have performed since 2007.
Oakley historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
17
$80,000
$94,400
-
2008
16
$135,500
$151,760
60.8%
2009
9
$87,000
$99,180
-34.6%
2010
10
$126,686.50
$141,888.88
43.1%
2011
9
$125,027
$136,279.43
-4%
2012
10
$102,500
$109,675
-19.5%
2013
8
$81,500
$85,575
-22%
2014
11
$150,000
$154,500
80.5%
2015
7
$165,000
$169,950
10%
2016
13
$132,000
$134,640
-20.8%
2017
16
$222,500
$222,500
65.3%
Total change in price
135.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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