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 Philo home prices have performed since 2007.
Philo historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
36
$126,250
$148,975
-
2008
24
$136,000
$152,320
2.2%
2009
39
$128,500
$146,490
-3.8%
2010
29
$120,000
$134,400
-8.3%
2011
22
$113,500
$123,715
-8%
2012
32
$109,000
$116,630
-5.7%
2013
29
$112,500
$118,125
1.3%
2014
29
$118,500
$122,055
3.3%
2015
39
$128,000
$131,840
8%
2016
31
$150,000
$153,000
16%
2017
31
$128,500
$128,500
-16%
Total change in price
-13.7%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.