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 Cordova home prices have performed since 2008.
Cordova historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
11
$115,000
$134,550
-
2009
11
$137,000
$160,290
19.1%
2010
11
$92,000
$104,880
-34.6%
2011
14
$141,250
$159,612.50
52.2%
2012
19
$118,000
$128,620
-19.4%
2013
16
$112,000
$120,960
-6%
2014
17
$130,000
$137,800
13.9%
2015
16
$132,250
$140,185
1.7%
2016
17
$136,000
$142,800
1.9%
2017
14
$154,250
$157,335
10.2%
2018
3
$128,000
$128,000
-18.6%
Total change in price
-4.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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