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 Salem home prices have performed since 2007.
Salem historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
184
$65,750
$77,585
-
2008
181
$54,700
$61,264
-21%
2009
140
$57,000
$64,980
6.1%
2010
130
$64,325
$72,044
10.9%
2011
127
$63,000
$68,670
-4.7%
2012
140
$68,500
$73,295
6.7%
2013
164
$64,000
$67,200
-8.3%
2014
159
$68,000
$70,040
4.2%
2015
150
$68,600
$70,658
0.9%
2016
150
$64,500
$65,790
-6.9%
2017
164
$66,750
$66,750
1.5%
Total change in price
-14%
Where sale prices were unavailable, the home's assessed value was substituted.
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