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 Silvis home prices have performed since 2008.
Silvis historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
105
$93,500
$109,395
-
2009
113
$85,000
$99,450
-9.1%
2010
87
$82,000
$93,480
-6%
2011
107
$80,000
$90,400
-3.3%
2012
113
$84,500
$92,105
1.9%
2013
90
$89,250
$96,390
4.7%
2014
114
$85,000
$90,100
-6.5%
2015
106
$95,000
$100,700
11.8%
2016
88
$95,500
$100,275
-0.4%
2017
135
$78,000
$79,560
-20.7%
2018
32
$89,500
$89,500
12.5%
Total change in price
-18.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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