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 Rock Island home prices have performed since 2008.
Rock Island historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
554
$80,000
$93,600
-
2009
567
$82,000
$95,940
2.5%
2010
461
$78,000
$88,920
-7.3%
2011
438
$73,500
$83,055
-6.6%
2012
597
$70,500
$76,845
-7.5%
2013
570
$77,500
$83,700
8.9%
2014
600
$80,000
$84,800
1.3%
2015
596
$84,000
$89,040
5%
2016
661
$80,000
$84,000
-5.7%
2017
743
$69,000
$70,380
-16.2%
2018
116
$86,750
$86,750
23.3%
Total change in price
-7.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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