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 Marseilles home prices have performed since 2007.
Marseilles historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
96
$120,000
$141,600
-
2008
70
$126,500
$141,680
0.1%
2009
56
$108,950
$124,203
-12.3%
2010
63
$120,000
$134,400
8.2%
2011
63
$84,900
$92,541
-31.1%
2012
59
$148,000
$158,360
71.1%
2013
78
$110,805
$116,345.25
-26.5%
2014
92
$91,250
$93,987.50
-19.2%
2015
83
$94,000
$96,820
3%
2016
91
$119,000
$121,380
25.4%
2017
48
$100,750
$100,750
-17%
Total change in price
-28.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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