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 Maroa home prices have performed since 2007.
Maroa historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
43
$80,000
$94,400
-
2008
31
$78,750
$88,200
-6.6%
2009
29
$95,000
$108,300
22.8%
2010
28
$66,500
$74,480
-31.2%
2011
28
$71,000
$77,390
3.9%
2012
21
$69,250
$74,097.50
-4.3%
2013
26
$72,250
$75,862.50
2.4%
2014
28
$71,000
$73,130
-3.6%
2015
35
$82,000
$84,460
15.5%
2016
35
$83,000
$84,660
0.2%
2017
20
$86,500
$86,500
2.2%
Total change in price
-8.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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