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 Freeport home prices have performed since 2008.
Freeport historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2008
177
$63,000
$70,560
-
2009
294
$60,000
$68,400
-3.1%
2010
279
$63,500
$71,120
4%
2011
261
$62,000
$67,580
-5%
2012
227
$60,000
$64,200
-5%
2013
308
$48,470.50
$50,894.02
-20.7%
2014
282
$51,950
$53,508.50
5.1%
2015
285
$55,500
$57,165
6.8%
2016
295
$56,801
$57,937.02
1.4%
2017
395
$59,300
$59,300
2.4%
Total change in price
-16%
Where sale prices were unavailable, the home's assessed value was substituted.
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