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 Kankakee home prices have performed since 2007.
Kankakee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
683
$75,000
$88,500
-
2008
523
$63,000
$70,560
-20.3%
2009
395
$61,000
$69,540
-1.4%
2010
320
$75,877.25
$84,982.52
22.2%
2011
290
$70,250
$76,572.50
-9.9%
2012
324
$65,217
$69,782.19
-8.9%
2013
352
$64,147.50
$67,354.87
-3.5%
2014
378
$57,937
$59,675.11
-11.4%
2015
410
$53,700
$55,311
-7.3%
2016
414
$61,000
$62,220
12.5%
2017
407
$71,700
$71,700
15.2%
Total change in price
-19%
Where sale prices were unavailable, the home's assessed value was substituted.
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