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 Limestone home prices have performed since 2007.
Limestone historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
26
$147,500
$174,050
-
2008
14
$146,500
$164,080
-5.7%
2009
17
$120,000
$136,800
-16.6%
2010
19
$122,000
$136,640
-0.1%
2011
11
$125,000
$136,250
-0.3%
2012
17
$148,000
$158,360
16.2%
2013
13
$114,000
$119,700
-24.4%
2014
19
$125,000
$128,750
7.6%
2015
28
$122,000
$125,660
-2.4%
2016
21
$132,000
$134,640
7.1%
2017
29
$146,000
$146,000
8.4%
Total change in price
-16.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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