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 Kinmundy home prices have performed since 2007.
Kinmundy historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
20
$55,950
$66,021
-
2008
24
$34,500
$38,640
-41.5%
2009
16
$33,000
$37,620
-2.6%
2010
16
$26,500
$29,680
-21.1%
2011
16
$34,500
$37,605
26.7%
2012
25
$35,000
$37,450
-0.4%
2013
27
$40,000
$42,000
12.1%
2014
11
$58,000
$59,740
42.2%
2015
20
$28,000
$28,840
-51.7%
2016
17
$38,000
$38,760
34.4%
2017
17
$45,000
$45,000
16.1%
Total change in price
-31.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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