Will County Gazette

Will County Gazette

Thursday, April 9, 2020

2017 home sales: Fairmont price history

Real Estate

By Local Labs News Service | Apr 11, 2018

Re 2

Historical home sales data show whether price appreciation has outpaced inflation and tax rates. BlockShopper.com has calculated cities' median sales prices for the past 10 years, adjusting for inflation.

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 Fairmont home prices have performed since 2007.

Fairmont historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
42
$110,000
$129,800
-
2008
35
$99,985.52
$111,983.78
-13.7%
2009
32
$43,500
$49,590
-55.7%
2010
47
$45,304.50
$50,741.04
2.3%
2011
34
$46,897.50
$51,118.27
0.7%
2012
38
$36,925
$39,509.75
-22.7%
2013
58
$37,500
$39,375
-0.3%
2014
41
$43,502.86
$44,807.94
13.8%
2015
19
$63,000
$64,890
44.8%
2016
33
$38,500
$39,270
-39.5%
2017
13
$41,000
$41,000
4.4%
Total change in price
-68.4%

Where sale prices were unavailable, the home's assessed value was substituted.

Powered by BlockShopper.com.

Want to get notified whenever we write about Will County Recorder ?

Sign-up Next time we write about Will County Recorder, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Will County Recorder

More News