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 Deer Creek home prices have performed since 2007.
Deer Creek historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
14
$143,000
$168,740
-
2008
10
$101,000
$113,120
-33%
2009
10
$131,750
$150,195
32.8%
2010
10
$113,750
$127,400
-15.2%
2011
20
$94,000
$102,460
-19.6%
2012
19
$100,000
$107,000
4.4%
2013
5
$117,500
$123,375
15.3%
2014
12
$119,250
$122,827.50
-0.4%
2015
18
$113,250
$116,647.50
-5%
2016
14
$94,750
$96,645
-17.1%
2017
16
$134,950
$134,950
39.6%
Total change in price
-20%
Where sale prices were unavailable, the home's assessed value was substituted.
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