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 South Deering home prices have performed since 2008.
South Deering historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
121
$80,000
$93,600
-
2009
107
$31,500
$36,855
-60.6%
2010
99
$35,000
$39,900
8.3%
2011
54
$30,750
$34,747.50
-12.9%
2012
99
$25,000
$27,250
-21.6%
2013
68
$25,250
$27,270
0.1%
2014
87
$24,000
$25,440
-6.7%
2015
133
$25,500
$27,030
6.2%
2016
138
$29,500
$30,975
14.6%
2017
145
$40,000
$40,800
31.7%
2018
134
$48,500
$48,500
18.9%
Total change in price
-48.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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