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 Lebanon home prices have performed since 2007.
Lebanon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
94
$336,750
$397,365
-
2008
54
$347,250
$388,920
-2.1%
2009
62
$118,250
$134,805
-65.3%
2010
81
$90,000
$100,800
-25.2%
2011
52
$89,750
$97,827.50
-2.9%
2012
42
$110,000
$117,700
20.3%
2013
62
$96,500
$101,325
-13.9%
2014
66
$100,000
$103,000
1.7%
2015
63
$112,000
$115,360
12%
2016
90
$105,000
$107,100
-7.2%
2017
72
$123,500
$123,500
15.3%
Total change in price
-68.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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