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 Delavan home prices have performed since 2007.
Delavan historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
35
$85,000
$100,300
-
2008
34
$87,250
$97,720
-2.6%
2009
29
$89,900
$102,486
4.9%
2010
25
$100,000
$112,000
9.3%
2011
21
$48,000
$52,320
-53.3%
2012
27
$75,000
$80,250
53.4%
2013
41
$81,500
$85,575
6.6%
2014
42
$90,250
$92,957.50
8.6%
2015
36
$104,025.71
$107,146.48
15.3%
2016
41
$85,000
$86,700
-19.1%
2017
44
$76,450
$76,450
-11.8%
Total change in price
-23.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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