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 Pawnee home prices have performed since 2007.
Pawnee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
67
$95,000
$112,100
-
2008
51
$79,000
$88,480
-21.1%
2009
62
$95,900
$109,326
23.6%
2010
59
$90,000
$100,800
-7.8%
2011
49
$114,900
$125,241
24.2%
2012
59
$107,000
$114,490
-8.6%
2013
68
$115,475
$121,248.75
5.9%
2014
77
$108,400
$111,652
-7.9%
2015
69
$118,000
$121,540
8.9%
2016
50
$101,250
$103,275
-15%
2017
53
$119,000
$119,000
15.2%
Total change in price
6.2%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up