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 Franklin Grove home prices have performed since 2007.
Franklin Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
19
$88,000
$103,840
-
2008
13
$85,000
$95,200
-8.3%
2009
17
$76,000
$86,640
-9%
2010
11
$105,000
$117,600
35.7%
2011
21
$37,500
$40,875
-65.2%
2012
12
$33,250
$35,577.50
-13%
2013
5
$69,500
$72,975
105.1%
2014
7
$34,250
$35,277.50
-51.7%
2015
15
$51,500
$53,045
50.4%
2016
17
$39,000
$39,780
-25%
2017
23
$36,000
$36,000
-9.5%
Total change in price
-65.3%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up