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 Amboy home prices have performed since 2007.
Amboy historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
63
$85,000
$100,300
-
2008
39
$92,000
$103,040
2.7%
2009
33
$63,500
$72,390
-29.7%
2010
29
$66,500
$74,480
2.9%
2011
19
$35,000
$38,150
-48.8%
2012
27
$28,500
$30,495
-20.1%
2013
37
$37,500
$39,375
29.1%
2014
37
$42,500
$43,775
11.2%
2015
40
$36,125
$37,208.75
-15%
2016
46
$37,750
$38,505
3.5%
2017
44
$44,500
$44,500
15.6%
Total change in price
-55.6%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up