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 Iuka home prices have performed since 2008.
Iuka historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$75,750
$88,627.50
-
2009
23
$50,000
$58,500
-34%
2010
17
$79,500
$90,630
54.9%
2011
21
$32,130
$36,306.90
-59.9%
2012
14
$103,500
$112,815
210.7%
2013
12
$82,750
$89,370
-20.8%
2014
20
$91,500
$96,990
8.5%
2015
15
$85,000
$90,100
-7.1%
2016
26
$66,702.50
$70,037.62
-22.3%
2017
17
$99,500
$101,490
44.9%
2018
16
$102,500
$102,500
1%
Total change in price
15.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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