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 Gifford home prices have performed since 2007.
Gifford historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
21
$73,000
$86,140
-
2008
21
$93,000
$104,160
20.9%
2009
10
$84,950
$96,843
-7%
2010
16
$90,200
$101,024
4.3%
2011
16
$99,000
$107,910
6.8%
2012
19
$98,500
$105,395
-2.3%
2013
17
$89,900
$94,395
-10.4%
2014
40
$76,750
$79,052.50
-16.3%
2015
25
$112,000
$115,360
45.9%
2016
25
$115,000
$117,300
1.7%
2017
35
$103,000
$103,000
-12.2%
Total change in price
19.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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