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 Wataga home prices have performed since 2007.
Wataga historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
16
$30,500
$35,990
-
2008
14
$59,592
$66,743.04
85.4%
2009
12
$58,250
$66,405
-0.5%
2010
14
$58,500
$65,520
-1.3%
2011
7
$65,000
$70,850
8.1%
2012
9
$30,000
$32,100
-54.7%
2013
15
$81,000
$85,050
165%
2014
22
$41,500
$42,745
-49.7%
2015
24
$61,000
$62,830
47%
2016
13
$74,000
$75,480
20.1%
2017
15
$35,000
$35,000
-53.6%
Total change in price
-2.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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