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 Channel Lake home prices have performed since 2007.
Channel Lake historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
28
$134,825
$159,093.50
-
2008
22
$186,252
$208,602.24
31.1%
2009
26
$103,500
$117,990
-43.4%
2010
29
$100,000
$112,000
-5.1%
2011
20
$73,000
$79,570
-29%
2012
19
$93,000
$99,510
25.1%
2013
24
$71,000
$74,550
-25.1%
2014
35
$98,500
$101,455
36.1%
2015
35
$121,500
$125,145
23.4%
2016
27
$100,000
$102,000
-18.5%
2017
38
$133,250
$133,250
30.6%
Total change in price
-16.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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