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 Rapids City home prices have performed since 2007.
Rapids City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
16
$131,500
$155,170
-
2008
14
$90,000
$100,800
-35%
2009
16
$125,000
$142,500
41.4%
2010
9
$130,000
$145,600
2.2%
2011
16
$122,500
$133,525
-8.3%
2012
21
$141,500
$151,405
13.4%
2013
16
$181,500
$190,575
25.9%
2014
15
$108,000
$111,240
-41.6%
2015
14
$127,500
$131,325
18.1%
2016
19
$127,000
$129,540
-1.4%
2017
12
$167,500
$167,500
29.3%
Total change in price
7.9%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up