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 Fruitland home prices have performed since 2007.
Fruitland historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
8
$58,500
$69,030
-
2008
8
$33,250
$37,240
-46.1%
2009
8
$96,500
$110,010
195.4%
2010
10
$60,000
$67,200
-38.9%
2011
3
$37,000
$40,330
-40%
2012
12
$23,350
$24,984.50
-38%
2013
5
$37,000
$38,850
55.5%
2014
12
$59,250
$61,027.50
57.1%
2015
14
$79,500
$81,885
34.2%
2016
10
$53,575
$54,646.50
-33.3%
2017
7
$90,000
$90,000
64.7%
Total change in price
30.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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