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 Elmwood home prices have performed since 2007.
Elmwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
51
$85,000
$100,300
-
2008
43
$80,000
$89,600
-10.7%
2009
38
$88,000
$100,320
12%
2010
40
$89,000
$99,680
-0.6%
2011
22
$72,000
$78,480
-21.3%
2012
32
$74,775
$80,009.25
1.9%
2013
44
$80,000
$84,000
5%
2014
46
$85,500
$88,065
4.8%
2015
40
$79,750
$82,142.50
-6.7%
2016
45
$80,000
$81,600
-0.7%
2017
41
$108,700
$108,700
33.2%
Total change in price
8.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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