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 Auburn home prices have performed since 2007.
Auburn historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
106
$86,500
$102,070
-
2008
90
$95,912.50
$107,422
5.2%
2009
92
$91,000
$103,740
-3.4%
2010
77
$87,000
$97,440
-6.1%
2011
67
$84,000
$91,560
-6%
2012
91
$96,750
$103,522.50
13.1%
2013
108
$97,750
$102,637.50
-0.9%
2014
95
$97,500
$100,425
-2.2%
2015
76
$96,950
$99,858.50
-0.6%
2016
80
$102,625
$104,677.50
4.8%
2017
74
$117,071.50
$117,071.50
11.8%
Total change in price
14.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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