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 Gillespie home prices have performed since 2007.
Gillespie historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
36
$55,875
$65,932.50
-
2008
34
$52,000
$58,240
-11.7%
2009
33
$41,000
$46,740
-19.7%
2010
23
$70,750
$79,240
69.5%
2011
37
$36,500
$39,785
-49.8%
2012
43
$45,513
$48,698.91
22.4%
2013
56
$41,000
$43,050
-11.6%
2014
51
$44,000
$45,320
5.3%
2015
79
$45,000
$46,350
2.3%
2016
51
$50,000
$51,000
10%
2017
64
$44,000
$44,000
-13.7%
Total change in price
-33.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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