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 Illiopolis home prices have performed since 2007.
Illiopolis historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
24
$78,000
$92,040
-
2008
14
$62,683.50
$70,205.52
-23.7%
2009
20
$45,000
$51,300
-26.9%
2010
18
$79,000
$88,480
72.5%
2011
12
$77,856
$84,863.04
-4.1%
2012
15
$50,000
$53,500
-37%
2013
16
$29,850
$31,342.50
-41.4%
2014
28
$53,950
$55,568.50
77.3%
2015
14
$64,800
$66,744
20.1%
2016
15
$100,000
$102,000
52.8%
2017
17
$63,900
$63,900
-37.4%
Total change in price
-30.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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