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 Frankfort home prices have performed since 2007.
Frankfort historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
423
$414,450
$489,051
-
2008
306
$375,000
$420,000
-14.1%
2009
288
$350,000
$399,000
-5%
2010
308
$293,900
$329,168
-17.5%
2011
278
$293,000
$319,370
-3%
2012
376
$290,000
$310,300
-2.8%
2013
532
$299,000
$313,950
1.2%
2014
454
$305,000
$314,150
0.1%
2015
359
$315,000
$324,450
3.3%
2016
395
$337,900
$344,658
6.2%
2017
373
$360,000
$360,000
4.5%
Total change in price
-26.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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