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 Humboldt home prices have performed since 2007.
Humboldt historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
16
$34,500
$40,710
-
2008
15
$67,500
$75,600
85.7%
2009
13
$50,000
$57,000
-24.6%
2010
17
$47,000
$52,640
-7.6%
2011
9
$34,500
$37,605
-28.6%
2012
11
$60,000
$64,200
70.7%
2013
13
$60,000
$63,000
-1.9%
2014
7
$86,000
$88,580
40.6%
2015
8
$112,800
$116,184
31.2%
2016
11
$79,900
$81,498
-29.9%
2017
5
$75,000
$75,000
-8%
Total change in price
84.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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