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 Pleasant Plains home prices have performed since 2007.
Pleasant Plains historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
35
$100,000
$118,000
-
2008
26
$130,500
$146,160
23.9%
2009
28
$99,250
$113,145
-22.6%
2010
31
$101,500
$113,680
0.5%
2011
34
$119,750
$130,527.50
14.8%
2012
33
$125,000
$133,750
2.5%
2013
38
$104,500
$109,725
-18%
2014
31
$91,698
$94,448.94
-13.9%
2015
40
$101,000
$104,030
10.1%
2016
32
$136,500
$139,230
33.8%
2017
15
$84,500
$84,500
-39.3%
Total change in price
-28.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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