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 Mount Olive home prices have performed since 2007.
Mount Olive historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
25
$41,250
$48,675
-
2008
32
$55,350
$61,992
27.4%
2009
24
$42,500
$48,450
-21.8%
2010
34
$36,750
$41,160
-15%
2011
28
$47,950
$52,265.50
27%
2012
34
$53,750
$57,512.50
10%
2013
45
$39,000
$40,950
-28.8%
2014
35
$39,500
$40,685
-0.6%
2015
42
$33,650
$34,659.50
-14.8%
2016
61
$36,500
$37,230
7.4%
2017
42
$54,750
$54,750
47.1%
Total change in price
12.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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