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 Blue Mound home prices have performed since 2007.
Blue Mound historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
40
$75,000
$88,500
-
2008
19
$63,000
$70,560
-20.3%
2009
27
$73,000
$83,220
17.9%
2010
19
$65,000
$72,800
-12.5%
2011
17
$75,000
$81,750
12.3%
2012
30
$72,722.50
$77,813.07
-4.8%
2013
22
$87,650
$92,032.50
18.3%
2014
19
$67,000
$69,010
-25%
2015
21
$85,000
$87,550
26.9%
2016
21
$78,000
$79,560
-9.1%
2017
13
$55,500
$55,500
-30.2%
Total change in price
-37.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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