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 Kinmundy home prices have performed since 2008.
Kinmundy historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
24
$34,500
$40,365
-
2009
16
$33,000
$38,610
-4.3%
2010
16
$26,500
$30,210
-21.8%
2011
16
$34,500
$38,985
29%
2012
25
$35,000
$38,150
-2.1%
2013
27
$40,000
$43,200
13.2%
2014
11
$58,000
$61,480
42.3%
2015
20
$28,000
$29,680
-51.7%
2016
17
$38,000
$39,900
34.4%
2017
17
$45,000
$45,900
15%
2018
7
$92,000
$92,000
100.4%
Total change in price
127.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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