To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Oak Run home prices have performed since 2008.
Oak Run historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
30
$187,500
$219,375
-
2009
32
$157,500
$184,275
-16%
2010
30
$220,500
$251,370
36.4%
2011
31
$177,000
$200,010
-20.4%
2012
36
$224,000
$244,160
22.1%
2013
45
$197,400
$213,192
-12.7%
2014
43
$220,000
$233,200
9.4%
2015
46
$221,000
$234,260
0.5%
2016
35
$230,000
$241,500
3.1%
2017
32
$205,000
$209,100
-13.4%
2018
46
$264,750
$264,750
26.6%
Total change in price
20.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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