To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 4.4 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 2.12 percent annually since 2000.
The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.
Here's how Grafton home prices have performed since 2010.
Grafton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2010
4
$97,500
$111,150
-
2011
10
$130,000
$146,900
32.2%
2012
22
$140,000
$152,600
3.9%
2013
30
$142,000
$153,360
0.5%
2014
16
$136,500
$144,690
-5.7%
2015
22
$177,000
$187,620
29.7%
2016
18
$129,500
$135,975
-27.5%
2017
16
$165,000
$168,300
23.8%
2018
4
$132,500
$132,500
-21.3%
Total change in price
19.2%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up