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 Dewey home prices have performed since 2007.
Dewey historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
19
$105,000
$123,900
-
2008
9
$150,000
$168,000
35.6%
2009
9
$82,500
$94,050
-44%
2010
7
$170,000
$190,400
102.4%
2011
10
$225,000
$245,250
28.8%
2012
8
$96,625
$103,388.75
-57.8%
2013
15
$209,900
$220,395
113.2%
2014
17
$97,500
$100,425
-54.4%
2015
12
$139,500
$143,685
43.1%
2016
15
$140,000
$142,800
-0.6%
2017
18
$216,500
$216,500
51.6%
Total change in price
74.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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