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 Tolono home prices have performed since 2007.
Tolono historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
98
$124,000
$146,320
-
2008
89
$115,500
$129,360
-11.6%
2009
84
$109,750
$125,115
-3.3%
2010
61
$129,750
$145,320
16.1%
2011
59
$123,500
$134,615
-7.4%
2012
85
$131,000
$140,170
4.1%
2013
66
$107,250
$112,612.50
-19.7%
2014
77
$156,000
$160,680
42.7%
2015
76
$129,325
$133,204.75
-17.1%
2016
83
$144,900
$147,798
11%
2017
76
$136,000
$136,000
-8%
Total change in price
-7.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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