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 Lanark home prices have performed since 2007.
Lanark historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
11
$75,000
$88,500
-
2008
13
$47,234
$52,902.08
-40.2%
2009
39
$43,000
$49,020
-7.3%
2010
26
$63,000
$70,560
43.9%
2011
20
$64,250
$70,032.50
-0.7%
2012
13
$46,000
$49,220
-29.7%
2013
25
$32,501
$34,126.05
-30.7%
2014
41
$50,000
$51,500
50.9%
2015
24
$39,250
$40,427.50
-21.5%
2016
31
$56,000
$57,120
41.3%
2017
16
$54,500
$54,500
-4.6%
Total change in price
-38.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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