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 Shannon home prices have performed since 2007.
Shannon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
4
$109,500
$129,210
-
2008
7
$65,000
$72,800
-43.7%
2009
19
$50,000
$57,000
-21.7%
2010
13
$85,000
$95,200
67%
2011
15
$51,000
$55,590
-41.6%
2012
17
$48,000
$51,360
-7.6%
2013
17
$60,000
$63,000
22.7%
2014
14
$64,750
$66,692.50
5.9%
2015
13
$67,000
$69,010
3.5%
2016
14
$63,500
$64,770
-6.1%
2017
8
$83,500
$83,500
28.9%
Total change in price
-35.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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