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 Odin home prices have performed since 2007.
Odin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
35
$42,000
$49,560
-
2008
26
$65,875
$73,780
48.9%
2009
14
$41,500
$47,310
-35.9%
2010
14
$27,500
$30,800
-34.9%
2011
19
$35,000
$38,150
23.9%
2012
20
$18,500
$19,795
-48.1%
2013
21
$39,000
$40,950
106.9%
2014
17
$35,900
$36,977
-9.7%
2015
23
$43,500
$44,805
21.2%
2016
17
$40,000
$40,800
-8.9%
2017
21
$34,000
$34,000
-16.7%
Total change in price
-31.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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