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 Pingree Grove home prices have performed since 2007.
Pingree Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
397
$227,495
$268,444.10
-
2008
171
$219,060
$245,347.20
-8.6%
2009
168
$195,000
$222,300
-9.4%
2010
133
$201,961
$226,196.32
1.8%
2011
145
$169,990
$185,289.10
-18.1%
2012
187
$176,623
$188,986.61
2%
2013
299
$186,000
$195,300
3.3%
2014
335
$199,990
$205,989.70
5.5%
2015
316
$186,945.50
$192,553.86
-6.5%
2016
169
$182,500
$186,150
-3.3%
2017
176
$188,754.50
$188,754.50
1.4%
Total change in price
-29.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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