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 Thomasboro home prices have performed since 2007.
Thomasboro historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
36
$94,500
$111,510
-
2008
27
$80,000
$89,600
-19.6%
2009
27
$65,000
$74,100
-17.3%
2010
18
$77,350.50
$86,632.56
16.9%
2011
19
$55,500
$60,495
-30.2%
2012
16
$98,500
$105,395
74.2%
2013
24
$54,000
$56,700
-46.2%
2014
27
$86,000
$88,580
56.2%
2015
27
$75,000
$77,250
-12.8%
2016
27
$79,900
$81,498
5.5%
2017
35
$71,500
$71,500
-12.3%
Total change in price
-35.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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