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 Gardner home prices have performed since 2007.
Gardner historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
19
$125,000
$147,500
-
2008
12
$110,000
$123,200
-16.5%
2009
10
$100,000
$114,000
-7.5%
2010
10
$112,500
$126,000
10.5%
2011
18
$95,000
$103,550
-17.8%
2012
16
$68,750
$73,562.50
-29%
2013
23
$76,500
$80,325
9.2%
2014
17
$57,500
$59,225
-26.3%
2015
23
$95,000
$97,850
65.2%
2016
30
$110,000
$112,200
14.7%
2017
31
$129,000
$129,000
15%
Total change in price
-12.5%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up