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 Big Rock home prices have performed since 2007.
Big Rock historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
19
$222,000
$261,960
-
2008
12
$234,500
$262,640
0.3%
2009
8
$217,500
$247,950
-5.6%
2010
15
$197,000
$220,640
-11%
2011
8
$223,000
$243,070
10.2%
2012
18
$187,500
$200,625
-17.5%
2013
19
$190,000
$199,500
-0.6%
2014
12
$175,250
$180,507.50
-9.5%
2015
12
$182,450
$187,923.50
4.1%
2016
27
$227,000
$231,540
23.2%
2017
23
$250,000
$250,000
8%
Total change in price
-4.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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