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 Andalusia home prices have performed since 2008.
Andalusia historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
27
$100,000
$117,000
-
2009
23
$97,000
$113,490
-3%
2010
17
$116,000
$132,240
16.5%
2011
15
$114,000
$128,820
-2.6%
2012
37
$103,000
$112,270
-12.8%
2013
34
$117,250
$126,630
12.8%
2014
29
$107,000
$113,420
-10.4%
2015
45
$124,500
$131,970
16.4%
2016
32
$130,000
$136,500
3.4%
2017
24
$127,000
$129,540
-5.1%
2018
1
$13,500
$13,500
-89.6%
Total change in price
-88.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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