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 Danvers home prices have performed since 2007.
Danvers historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
32
$125,500
$148,090
-
2008
26
$119,750
$134,120
-9.4%
2009
26
$117,250
$133,665
-0.3%
2010
21
$114,900
$128,688
-3.7%
2011
29
$129,000
$140,610
9.3%
2012
23
$125,000
$133,750
-4.9%
2013
26
$121,250
$127,312.50
-4.8%
2014
29
$132,500
$136,475
7.2%
2015
32
$119,000
$122,570
-10.2%
2016
33
$127,000
$129,540
5.7%
2017
33
$139,250
$139,250
7.5%
Total change in price
-6%
Where sale prices were unavailable, the home's assessed value was substituted.
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