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 Montgomery home prices have performed since 2007.
Montgomery historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
176
$212,450
$250,691
-
2008
109
$180,000
$201,600
-19.6%
2009
120
$174,100
$198,474
-1.6%
2010
134
$166,550
$186,536
-6%
2011
111
$135,500
$147,695
-20.8%
2012
122
$114,750
$122,782.50
-16.9%
2013
150
$134,850
$141,592.50
15.3%
2014
155
$142,000
$146,260
3.3%
2015
134
$143,500
$147,805
1.1%
2016
164
$162,000
$165,240
11.8%
2017
171
$170,000
$170,000
2.9%
Total change in price
-32.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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