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 Ava home prices have performed since 2007.
Ava historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
23
$47,000
$55,460
-
2008
10
$54,250
$60,760
9.6%
2009
19
$64,500
$73,530
21%
2010
13
$83,000
$92,960
26.4%
2011
11
$91,500
$99,735
7.3%
2012
22
$55,000
$58,850
-41%
2013
13
$58,000
$60,900
3.5%
2014
12
$66,750
$68,752.50
12.9%
2015
18
$62,750
$64,632.50
-6%
2016
16
$62,500
$63,750
-1.4%
2017
12
$79,500
$79,500
24.7%
Total change in price
43.3%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up