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 Minooka home prices have performed since 2007.
Minooka historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
131
$199,000
$234,820
-
2008
101
$185,500
$207,760
-11.5%
2009
100
$150,000
$171,000
-17.7%
2010
99
$142,000
$159,040
-7%
2011
123
$131,000
$142,790
-10.2%
2012
141
$141,500
$151,405
6%
2013
213
$138,000
$144,900
-4.3%
2014
182
$155,000
$159,650
10.2%
2015
183
$180,000
$185,400
16.1%
2016
184
$181,000
$184,620
-0.4%
2017
216
$195,500
$195,500
5.9%
Total change in price
-16.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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