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 Manteno home prices have performed since 2007.
Manteno historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
184
$185,000
$218,300
-
2008
104
$178,243.50
$199,632.72
-8.6%
2009
109
$175,000
$199,500
-0.1%
2010
67
$176,000
$197,120
-1.2%
2011
89
$161,573
$176,114.57
-10.7%
2012
89
$175,275
$187,544.25
6.5%
2013
129
$160,000
$168,000
-10.4%
2014
150
$180,255
$185,662.65
10.5%
2015
143
$163,000
$167,890
-9.6%
2016
137
$165,000
$168,300
0.2%
2017
163
$169,500
$169,500
0.7%
Total change in price
-22.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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