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 Benld home prices have performed since 2007.
Benld historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
20
$47,000
$55,460
-
2008
16
$31,000
$34,720
-37.4%
2009
24
$52,000
$59,280
70.7%
2010
17
$36,500
$40,880
-31%
2011
18
$53,500
$58,315
42.6%
2012
20
$42,500
$45,475
-22%
2013
33
$37,000
$38,850
-14.6%
2014
16
$44,000
$45,320
16.7%
2015
26
$26,450
$27,243.50
-39.9%
2016
24
$37,250
$37,995
39.5%
2017
27
$35,000
$35,000
-7.9%
Total change in price
-36.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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