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 Centralia home prices have performed since 2007.
Centralia historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
246
$48,000
$56,640
-
2008
222
$38,250
$42,840
-24.4%
2009
223
$41,000
$46,740
9.1%
2010
176
$50,750
$56,840
21.6%
2011
177
$42,000
$45,780
-19.5%
2012
172
$40,000
$42,800
-6.5%
2013
160
$46,500
$48,825
14.1%
2014
198
$39,250
$40,427.50
-17.2%
2015
212
$47,500
$48,925
21%
2016
198
$51,500
$52,530
7.4%
2017
195
$35,000
$35,000
-33.4%
Total change in price
-38.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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