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 Rantoul home prices have performed since 2007.
Rantoul historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
234
$76,450
$90,211
-
2008
187
$68,000
$76,160
-15.6%
2009
152
$62,961
$71,775.54
-5.8%
2010
128
$55,500
$62,160
-13.4%
2011
153
$45,000
$49,050
-21.1%
2012
170
$46,000
$49,220
0.3%
2013
198
$49,500
$51,975
5.6%
2014
184
$48,000
$49,440
-4.9%
2015
213
$50,000
$51,500
4.2%
2016
223
$56,900
$58,038
12.7%
2017
233
$64,000
$64,000
10.3%
Total change in price
-29.1%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.