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 South Beloit home prices have performed since 2007.
South Beloit historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
147
$110,067.50
$129,879.65
-
2008
135
$99,000
$110,880
-14.6%
2009
113
$110,300
$125,742
13.4%
2010
91
$95,000
$106,400
-15.4%
2011
104
$31,185
$33,991.65
-68.1%
2012
77
$98,500
$105,395
210.1%
2013
103
$90,000
$94,500
-10.3%
2014
88
$84,500
$87,035
-7.9%
2015
104
$88,500
$91,155
4.7%
2016
103
$105,000
$107,100
17.5%
2017
95
$119,825
$119,825
11.9%
Total change in price
-7.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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