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 Virden home prices have performed since 2007.
Virden historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
38
$51,750
$61,065
-
2008
31
$42,000
$47,040
-23%
2009
39
$53,500
$60,990
29.7%
2010
38
$53,950
$60,424
-0.9%
2011
29
$49,000
$53,410
-11.6%
2012
51
$58,000
$62,060
16.2%
2013
58
$66,000
$69,300
11.7%
2014
54
$69,250
$71,327.50
2.9%
2015
66
$55,550
$57,216.50
-19.8%
2016
69
$69,500
$70,890
23.9%
2017
70
$58,000
$58,000
-18.2%
Total change in price
-5%
Where sale prices were unavailable, the home's assessed value was substituted.
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