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 Richmond home prices have performed since 2007.
Richmond historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
31
$134,750
$159,005
-
2008
38
$162,500
$182,000
14.5%
2009
30
$219,500
$250,230
37.5%
2010
43
$159,000
$178,080
-28.8%
2011
27
$127,000
$138,430
-22.3%
2012
29
$70,000
$74,900
-45.9%
2013
26
$66,000
$69,300
-7.5%
2014
27
$130,000
$133,900
93.2%
2015
34
$48,500
$49,955
-62.7%
2016
35
$125,000
$127,500
155.2%
2017
54
$134,250
$134,250
5.3%
Total change in price
-15.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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