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 Morrison home prices have performed since 2007.
Morrison historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
122
$80,500
$94,990
-
2008
124
$89,000
$99,680
4.9%
2009
92
$82,000
$93,480
-6.2%
2010
64
$103,000
$115,360
23.4%
2011
72
$96,000
$104,640
-9.3%
2012
95
$82,500
$88,275
-15.6%
2013
72
$91,750
$96,337.50
9.1%
2014
120
$84,500
$87,035
-9.7%
2015
124
$82,750
$85,232.50
-2.1%
2016
98
$97,000
$98,940
16.1%
2017
118
$103,500
$103,500
4.6%
Total change in price
9%
Where sale prices were unavailable, the home's assessed value was substituted.
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