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 East Peoria home prices have performed since 2007.
East Peoria historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
509
$115,900
$136,762
-
2008
430
$114,750
$128,520
-6%
2009
371
$115,500
$131,670
2.5%
2010
359
$114,500
$128,240
-2.6%
2011
339
$122,000
$132,980
3.7%
2012
418
$117,000
$125,190
-5.9%
2013
432
$118,700
$124,635
-0.4%
2014
434
$120,000
$123,600
-0.8%
2015
456
$121,500
$125,145
1.2%
2016
441
$116,000
$118,320
-5.5%
2017
418
$122,950
$122,950
3.9%
Total change in price
-10.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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