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 Peru home prices have performed since 2007.
Peru historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
194
$108,500
$128,030
-
2008
131
$95,000
$106,400
-16.9%
2009
127
$105,500
$120,270
13%
2010
117
$89,900
$100,688
-16.3%
2011
110
$90,000
$98,100
-2.6%
2012
101
$100,000
$107,000
9.1%
2013
131
$86,000
$90,300
-15.6%
2014
140
$95,000
$97,850
8.4%
2015
123
$109,000
$112,270
14.7%
2016
151
$109,000
$111,180
-1%
2017
103
$97,500
$97,500
-12.3%
Total change in price
-23.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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