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 Fulton home prices have performed since 2007.
Fulton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
116
$89,500
$105,610
-
2008
83
$90,000
$100,800
-4.6%
2009
90
$80,000
$91,200
-9.5%
2010
74
$82,419.50
$92,309.84
1.2%
2011
72
$90,500
$98,645
6.9%
2012
80
$84,750
$90,682.50
-8.1%
2013
84
$91,500
$96,075
5.9%
2014
87
$108,000
$111,240
15.8%
2015
97
$94,000
$96,820
-13%
2016
91
$94,000
$95,880
-1%
2017
85
$120,000
$120,000
25.2%
Total change in price
13.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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