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 Hudson home prices have performed since 2007.
Hudson historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
36
$159,800
$188,564
-
2008
35
$161,700
$181,104
-4%
2009
37
$150,000
$171,000
-5.6%
2010
36
$179,950
$201,544
17.9%
2011
32
$143,250
$156,142.50
-22.5%
2012
47
$162,500
$173,875
11.4%
2013
53
$172,000
$180,600
3.9%
2014
46
$167,000
$172,010
-4.8%
2015
36
$148,500
$152,955
-11.1%
2016
36
$148,750
$151,725
-0.8%
2017
40
$167,000
$167,000
10.1%
Total change in price
-11.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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