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 Patoka home prices have performed since 2007.
Patoka historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
13
$30,000
$35,400
-
2008
15
$37,600
$42,112
19%
2009
10
$35,000
$39,900
-5.3%
2010
10
$60,800
$68,096
70.7%
2011
10
$25,000
$27,250
-60%
2012
11
$48,000
$51,360
88.5%
2013
16
$49,000
$51,450
0.2%
2014
10
$17,750
$18,282.50
-64.5%
2015
8
$95,000
$97,850
435.2%
2016
14
$43,750
$44,625
-54.4%
2017
21
$36,000
$36,000
-19.3%
Total change in price
1.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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