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 Twin Grove home prices have performed since 2007.
Twin Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
21
$240,000
$283,200
-
2008
15
$215,000
$240,800
-15%
2009
16
$249,500
$284,430
18.1%
2010
20
$187,000
$209,440
-26.4%
2011
16
$176,500
$192,385
-8.1%
2012
21
$170,000
$181,900
-5.5%
2013
26
$183,000
$192,150
5.6%
2014
24
$269,000
$277,070
44.2%
2015
32
$241,000
$248,230
-10.4%
2016
32
$219,900
$224,298
-9.6%
2017
21
$220,000
$220,000
-1.9%
Total change in price
-22.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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