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 Newark home prices have performed since 2007.
Newark historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2007
34
$223,750
$264,025
-
2008
21
$260,000
$291,200
10.3%
2009
19
$170,000
$193,800
-33.4%
2010
20
$167,869
$188,013.28
-3%
2011
31
$195,000
$212,550
13.1%
2012
24
$297,500
$318,325
49.8%
2013
37
$225,000
$236,250
-25.8%
2014
33
$163,500
$168,405
-28.7%
2015
36
$225,000
$231,750
37.6%
2016
38
$201,000
$205,020
-11.5%
2017
35
$172,500
$172,500
-15.9%
Total change in price
-34.7%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up