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 Macon home prices have performed since 2007.
Macon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
34
$56,950.50
$67,201.59
-
2008
38
$75,625
$84,700
26%
2009
23
$60,000
$68,400
-19.2%
2010
22
$64,158
$71,856.96
5.1%
2011
11
$61,300
$66,817
-7%
2012
16
$69,000
$73,830
10.5%
2013
24
$85,305.50
$89,570.77
21.3%
2014
20
$83,000
$85,490
-4.6%
2015
30
$69,250
$71,327.50
-16.6%
2016
26
$57,000
$58,140
-18.5%
2017
24
$80,000
$80,000
37.6%
Total change in price
19%
Where sale prices were unavailable, the home's assessed value was substituted.
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