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 St. Joseph home prices have performed since 2007.
St. Joseph historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
122
$151,750
$179,065
-
2008
93
$145,000
$162,400
-9.3%
2009
110
$140,000
$159,600
-1.7%
2010
81
$146,000
$163,520
2.5%
2011
87
$145,000
$158,050
-3.3%
2012
77
$154,000
$164,780
4.3%
2013
99
$140,000
$147,000
-10.8%
2014
99
$153,000
$157,590
7.2%
2015
99
$158,000
$162,740
3.3%
2016
113
$155,000
$158,100
-2.9%
2017
106
$154,500
$154,500
-2.3%
Total change in price
-13.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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