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 Sandoval home prices have performed since 2007.
Sandoval historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
21
$44,000
$51,920
-
2008
20
$35,500
$39,760
-23.4%
2009
13
$25,000
$28,500
-28.3%
2010
13
$35,000
$39,200
37.5%
2011
17
$34,077
$37,143.93
-5.2%
2012
9
$42,000
$44,940
21%
2013
21
$28,500
$29,925
-33.4%
2014
16
$32,500
$33,475
11.9%
2015
11
$25,000
$25,750
-23.1%
2016
17
$19,000
$19,380
-24.7%
2017
26
$20,000
$20,000
3.2%
Total change in price
-61.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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