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Wednesday, November 13, 2019

2017 home sales: South Deering price history

Real Estate

By Local Labs News Service | Apr 3, 2018

Re 6

Historical home sales data show whether price appreciation has outpaced inflation and tax rates. BlockShopper.com has calculated neighborhoods' 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 South Deering home prices have performed since 2007.

South Deering historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
160
$116,000
$136,880
-
2008
121
$80,000
$89,600
-34.5%
2009
107
$31,500
$35,910
-59.9%
2010
99
$35,000
$39,200
9.2%
2011
54
$30,750
$33,517.50
-14.5%
2012
99
$25,000
$26,750
-20.2%
2013
68
$25,250
$26,512.50
-0.9%
2014
87
$24,000
$24,720
-6.8%
2015
133
$25,500
$26,265
6.2%
2016
138
$29,500
$30,090
14.6%
2017
145
$40,000
$40,000
32.9%
Total change in price
-70.8%

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

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