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 Cortland home prices have performed since 2007.
Cortland historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
3
$169,915
$200,499.70
-
2008
18
$158,634.43
$177,670.56
-11.4%
2009
25
$120,471.14
$137,337.09
-22.7%
2010
19
$187,034.30
$209,478.41
52.5%
2011
21
$131,462
$143,293.58
-31.6%
2012
47
$166,226
$177,861.82
24.1%
2013
40
$127,907.24
$134,302.60
-24.5%
2014
26
$105,825
$108,999.75
-18.8%
2015
33
$94,000
$96,820
-11.2%
2016
19
$99,179
$101,162.58
4.5%
2017
10
$110,780
$110,780
9.5%
Total change in price
-44.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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