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 Knoxville home prices have performed since 2007.
Knoxville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
61
$66,000
$77,880
-
2008
38
$66,500
$74,480
-4.4%
2009
37
$75,000
$85,500
14.8%
2010
39
$75,000
$84,000
-1.8%
2011
52
$65,000
$70,850
-15.7%
2012
55
$76,000
$81,320
14.8%
2013
52
$69,750
$73,237.50
-9.9%
2014
39
$88,500
$91,155
24.5%
2015
40
$74,750
$76,992.50
-15.5%
2016
63
$75,000
$76,500
-0.6%
2017
37
$65,500
$65,500
-14.4%
Total change in price
-15.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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