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 Austin home prices have performed since 2008.
Austin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
438
$155,000
$181,350
-
2009
626
$50,000
$58,500
-67.7%
2010
591
$48,250
$55,005
-6%
2011
393
$51,000
$57,630
4.8%
2012
398
$47,000
$51,230
-11.1%
2013
493
$50,750
$54,810
7%
2014
484
$69,000
$73,140
33.4%
2015
498
$85,000
$90,100
23.2%
2016
560
$85,000
$89,250
-0.9%
2017
645
$129,000
$131,580
47.4%
2018
653
$148,000
$148,000
12.5%
Total change in price
-18.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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