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 Ashmore home prices have performed since 2007.
Ashmore historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
15
$60,500
$71,390
-
2008
20
$66,250
$74,200
3.9%
2009
10
$60,250
$68,685
-7.4%
2010
21
$75,000
$84,000
22.3%
2011
16
$51,500
$56,135
-33.2%
2012
11
$38,000
$40,660
-27.6%
2013
13
$50,000
$52,500
29.1%
2014
7
$38,500
$39,655
-24.5%
2015
15
$43,000
$44,290
11.7%
2016
16
$45,500
$46,410
4.8%
2017
15
$58,000
$58,000
25%
Total change in price
-18.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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