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 Port Byron home prices have performed since 2008.
Port Byron historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
51
$158,000
$184,860
-
2009
29
$160,000
$187,200
1.3%
2010
49
$160,000
$182,400
-2.6%
2011
50
$149,500
$168,935
-7.4%
2012
50
$162,500
$177,125
4.8%
2013
52
$171,000
$184,680
4.3%
2014
58
$195,000
$206,700
11.9%
2015
55
$185,000
$196,100
-5.1%
2016
45
$194,000
$203,700
3.9%
2017
51
$130,000
$132,600
-34.9%
2018
8
$198,500
$198,500
49.7%
Total change in price
7.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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