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 Illinois City home prices have performed since 2008.
Illinois City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
6
$96,500
$112,905
-
2009
11
$112,000
$131,040
16.1%
2010
12
$62,500
$71,250
-45.6%
2011
7
$100,000
$113,000
58.6%
2012
14
$130,000
$141,700
25.4%
2013
8
$86,500
$93,420
-34.1%
2014
10
$120,750
$127,995
37%
2015
8
$91,500
$96,990
-24.2%
2016
12
$132,500
$139,125
43.4%
2017
16
$60,500
$61,710
-55.6%
2018
1
$300,000
$300,000
386.1%
Total change in price
165.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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