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 Albany home prices have performed since 2007.
Albany historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
20
$71,750
$84,665
-
2008
18
$149,000
$166,880
97.1%
2009
20
$90,750
$103,455
-38%
2010
18
$79,750
$89,320
-13.7%
2011
14
$95,000
$103,550
15.9%
2012
18
$117,000
$125,190
20.9%
2013
20
$105,500
$110,775
-11.5%
2014
24
$113,750
$117,162.50
5.8%
2015
13
$80,000
$82,400
-29.7%
2016
18
$115,000
$117,300
42.4%
2017
24
$114,500
$114,500
-2.4%
Total change in price
35.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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