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 Smithton home prices have performed since 2007.
Smithton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
100
$552,750
$652,245
-
2008
64
$540,000
$604,800
-7.3%
2009
65
$185,000
$210,900
-65.1%
2010
68
$164,750
$184,520
-12.5%
2011
61
$170,000
$185,300
0.4%
2012
59
$171,000
$182,970
-1.3%
2013
65
$175,000
$183,750
0.4%
2014
66
$178,000
$183,340
-0.2%
2015
68
$215,000
$221,450
20.8%
2016
72
$201,250
$205,275
-7.3%
2017
78
$180,000
$180,000
-12.3%
Total change in price
-72.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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