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 McLean home prices have performed since 2007.
McLean historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
16
$76,000
$89,680
-
2008
17
$86,750
$97,160
8.3%
2009
20
$92,500
$105,450
8.5%
2010
13
$74,272
$83,184.64
-21.1%
2011
9
$76,000
$82,840
-0.4%
2012
12
$104,950
$112,296.50
35.6%
2013
19
$91,000
$95,550
-14.9%
2014
13
$89,000
$91,670
-4.1%
2015
14
$59,000
$60,770
-33.7%
2016
16
$89,000
$90,780
49.4%
2017
14
$110,500
$110,500
21.7%
Total change in price
23.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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