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 Oneida home prices have performed since 2007.
Oneida historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
13
$35,000
$41,300
-
2008
16
$54,000
$60,480
46.4%
2009
11
$67,500
$76,950
27.2%
2010
11
$50,000
$56,000
-27.2%
2011
7
$75,000
$81,750
46%
2012
8
$80,500
$86,135
5.4%
2013
13
$60,000
$63,000
-26.9%
2014
11
$50,000
$51,500
-18.3%
2015
16
$61,500
$63,345
23%
2016
12
$79,000
$80,580
27.2%
2017
19
$75,000
$75,000
-6.9%
Total change in price
81.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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