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 Wood River home prices have performed since 2007.
Wood River historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
238
$70,941
$83,710.38
-
2008
180
$74,000
$82,880
-1%
2009
189
$69,458
$79,182.12
-4.5%
2010
146
$64,250
$71,960
-9.1%
2011
159
$65,000
$70,850
-1.5%
2012
153
$58,231
$62,307.17
-12.1%
2013
148
$58,950
$61,897.50
-0.7%
2014
191
$64,900
$66,847
8%
2015
187
$65,000
$66,950
0.2%
2016
198
$61,250
$62,475
-6.7%
2017
193
$65,000
$65,000
4%
Total change in price
-22.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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