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 Caledonia home prices have performed since 2007.
Caledonia historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
24
$189,000
$223,020
-
2008
9
$315,000
$352,800
58.2%
2009
19
$207,250
$236,265
-33%
2010
19
$205,041
$229,645.92
-2.8%
2011
16
$135,000
$147,150
-35.9%
2012
17
$163,200
$174,624
18.7%
2013
18
$95,000
$99,750
-42.9%
2014
16
$170,000
$175,100
75.5%
2015
11
$155,000
$159,650
-8.8%
2016
27
$173,000
$176,460
10.5%
2017
19
$228,750
$228,750
29.6%
Total change in price
2.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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