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 Erie home prices have performed since 2007.
Erie historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
51
$104,000
$122,720
-
2008
37
$78,000
$87,360
-28.8%
2009
34
$92,500
$105,450
20.7%
2010
24
$59,500
$66,640
-36.8%
2011
15
$97,000
$105,730
58.7%
2012
35
$80,000
$85,600
-19%
2013
24
$82,000
$86,100
0.6%
2014
39
$98,500
$101,455
17.8%
2015
32
$110,500
$113,815
12.2%
2016
26
$79,500
$81,090
-28.8%
2017
28
$97,250
$97,250
19.9%
Total change in price
-20.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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