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 Gridley home prices have performed since 2007.
Gridley historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
20
$105,500
$124,490
-
2008
23
$124,900
$139,888
12.4%
2009
23
$87,000
$99,180
-29.1%
2010
18
$110,000
$123,200
24.2%
2011
25
$84,500
$92,105
-25.2%
2012
36
$78,750
$84,262.50
-8.5%
2013
20
$97,500
$102,375
21.5%
2014
25
$122,000
$125,660
22.7%
2015
20
$99,250
$102,227.50
-18.6%
2016
22
$115,250
$117,555
15%
2017
26
$121,400
$121,400
3.3%
Total change in price
-2.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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