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 Iuka home prices have performed since 2007.
Iuka historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
22
$48,500
$57,230
-
2008
20
$75,750
$84,840
48.2%
2009
23
$50,000
$57,000
-32.8%
2010
17
$79,500
$89,040
56.2%
2011
21
$32,130
$35,021.70
-60.7%
2012
14
$103,500
$110,745
216.2%
2013
12
$82,750
$86,887.50
-21.5%
2014
20
$91,500
$94,245
8.5%
2015
15
$85,000
$87,550
-7.1%
2016
26
$66,702.50
$68,036.55
-22.3%
2017
17
$99,500
$99,500
46.2%
Total change in price
73.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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