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 Colfax home prices have performed since 2007.
Colfax historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
17
$61,500
$72,570
-
2008
12
$70,000
$78,400
8%
2009
14
$63,000
$71,820
-8.4%
2010
16
$55,850
$62,552
-12.9%
2011
21
$66,000
$71,940
15%
2012
10
$53,750
$57,512.50
-20.1%
2013
18
$91,450
$96,022.50
67%
2014
20
$76,750
$79,052.50
-17.7%
2015
14
$50,400
$51,912
-34.3%
2016
16
$54,950
$56,049
8%
2017
15
$128,490
$128,490
129.2%
Total change in price
77.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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