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 Savanna home prices have performed since 2007.
Savanna historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
25
$47,000
$55,460
-
2008
52
$38,000
$42,560
-23.3%
2009
36
$35,500
$40,470
-4.9%
2010
51
$40,000
$44,800
10.7%
2011
56
$37,750
$41,147.50
-8.2%
2012
54
$43,997
$47,076.79
14.4%
2013
56
$27,000
$28,350
-39.8%
2014
64
$37,500
$38,625
36.2%
2015
49
$34,000
$35,020
-9.3%
2016
47
$29,500
$30,090
-14.1%
2017
25
$44,000
$44,000
46.2%
Total change in price
-20.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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