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 Tonica home prices have performed since 2007.
Tonica historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
21
$93,500
$110,330
-
2008
20
$70,000
$78,400
-28.9%
2009
12
$105,500
$120,270
53.4%
2010
7
$111,000
$124,320
3.4%
2011
13
$79,900
$87,091
-29.9%
2012
14
$60,000
$64,200
-26.3%
2013
14
$78,000
$81,900
27.6%
2014
18
$95,450
$98,313.50
20%
2015
20
$76,950
$79,258.50
-19.4%
2016
20
$130,500
$133,110
67.9%
2017
9
$130,000
$130,000
-2.3%
Total change in price
17.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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