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 Harristown home prices have performed since 2007.
Harristown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
49
$85,000
$100,300
-
2008
24
$85,250
$95,480
-4.8%
2009
28
$65,057
$74,164.98
-22.3%
2010
15
$85,000
$95,200
28.4%
2011
20
$75,174.50
$81,940.20
-13.9%
2012
28
$90,750
$97,102.50
18.5%
2013
30
$64,250
$67,462.50
-30.5%
2014
24
$85,000
$87,550
29.8%
2015
21
$76,000
$78,280
-10.6%
2016
25
$102,500
$104,550
33.6%
2017
18
$83,500
$83,500
-20.1%
Total change in price
-16.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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