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 Stanford home prices have performed since 2007.
Stanford historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
11
$45,000
$53,100
-
2008
7
$63,000
$70,560
32.9%
2009
17
$58,000
$66,120
-6.3%
2010
4
$84,250
$94,360
42.7%
2011
10
$31,500
$34,335
-63.6%
2012
11
$66,300
$70,941
106.6%
2013
13
$55,500
$58,275
-17.9%
2014
18
$73,000
$75,190
29%
2015
14
$71,700
$73,851
-1.8%
2016
13
$27,000
$27,540
-62.7%
2017
10
$43,000
$43,000
56.1%
Total change in price
-19%
Where sale prices were unavailable, the home's assessed value was substituted.
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