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 Fruitland home prices have performed since 2008.
Fruitland historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
8
$33,250
$38,902.50
-
2009
8
$96,500
$112,905
190.2%
2010
10
$60,000
$68,400
-39.4%
2011
3
$37,000
$41,810
-38.9%
2012
12
$23,350
$25,451.50
-39.1%
2013
5
$37,000
$39,960
57%
2014
12
$59,250
$62,805
57.2%
2015
14
$79,500
$84,270
34.2%
2016
10
$53,575
$56,253.75
-33.2%
2017
7
$90,000
$91,800
63.2%
2018
2
$115,750
$115,750
26.1%
Total change in price
197.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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