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 Urbana home prices have performed since 2007.
Urbana historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
809
$123,000
$145,140
-
2008
657
$117,000
$131,040
-9.7%
2009
587
$122,000
$139,080
6.1%
2010
530
$113,500
$127,120
-8.6%
2011
478
$120,000
$130,800
2.9%
2012
590
$108,000
$115,560
-11.7%
2013
629
$112,000
$117,600
1.8%
2014
674
$119,850
$123,445.50
5%
2015
719
$125,000
$128,750
4.3%
2016
722
$116,900
$119,238
-7.4%
2017
738
$117,600
$117,600
-1.4%
Total change in price
-19%
Where sale prices were unavailable, the home's assessed value was substituted.
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