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 Prophetstown home prices have performed since 2007.
Prophetstown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
44
$69,000
$81,420
-
2008
16
$70,500
$78,960
-3%
2009
26
$83,500
$95,190
20.6%
2010
29
$76,000
$85,120
-10.6%
2011
27
$95,000
$103,550
21.7%
2012
45
$45,000
$48,150
-53.5%
2013
30
$67,500
$70,875
47.2%
2014
35
$68,000
$70,040
-1.2%
2015
35
$83,500
$86,005
22.8%
2016
32
$65,500
$66,810
-22.3%
2017
34
$57,825
$57,825
-13.4%
Total change in price
-29%
Where sale prices were unavailable, the home's assessed value was substituted.
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