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 Milan home prices have performed since 2008.
Milan historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
119
$98,000
$114,660
-
2009
120
$86,000
$100,620
-12.2%
2010
115
$100,000
$114,000
13.3%
2011
97
$80,500
$90,965
-20.2%
2012
95
$92,000
$100,280
10.2%
2013
119
$96,000
$103,680
3.4%
2014
107
$87,500
$92,750
-10.5%
2015
143
$91,000
$96,460
4%
2016
134
$99,000
$103,950
7.8%
2017
147
$90,500
$92,310
-11.2%
2018
24
$108,450
$108,450
17.5%
Total change in price
-5.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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