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 Hampshire home prices have performed since 2007.
Hampshire historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
297
$261,270
$308,298.60
-
2008
173
$212,108
$237,560.96
-22.9%
2009
93
$243,000
$277,020
16.6%
2010
95
$194,025
$217,308
-21.6%
2011
76
$185,000
$201,650
-7.2%
2012
128
$177,500
$189,925
-5.8%
2013
202
$180,942.50
$189,989.62
0%
2014
188
$208,202.50
$214,448.57
12.9%
2015
182
$201,415
$207,457.45
-3.3%
2016
169
$207,000
$211,140
1.8%
2017
153
$239,000
$239,000
13.2%
Total change in price
-22.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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