Grundy Reporter

Grundy Reporter

Thursday, October 17, 2019

2018 home sales: Verona price history

Real Estate

By Local Labs News Service | Mar 16, 2019


Historical home sales data show whether price appreciation has outpaced inflation and tax rates. BlockShopper.com has calculated cities' 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 4.4 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 2.12 percent annually since 2000.

The average effective property tax rate in Illinois was 2.32 percent in 2018, according to the website WalletHub.com.

Here's how Verona home prices have performed since 2008.

Verona historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
2
$112,750
$131,917.50
-
2009
3
$97,000
$113,490
-14%
2010
5
$62,000
$70,680
-37.7%
2011
1
$10,000
$11,300
-84%
2012
2
$18,500
$20,165
78.5%
2013
3
$26,000
$28,080
39.3%
2014
2
$102,875
$109,047.50
288.3%
2015
2
$175,750
$186,295
70.8%
2016
4
$320,000
$336,000
80.4%
2017
6
$112,250
$114,495
-65.9%
2018
8
$223,111.11
$223,111.11
94.9%
Total change in price
69.1%

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

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