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 Alma home prices have performed since 2008.
Alma historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
11
$36,000
$42,120
-
2009
9
$49,500
$57,915
37.5%
2010
6
$33,000
$37,620
-35%
2011
10
$37,250
$42,092.50
11.9%
2012
8
$81,500
$88,835
111%
2013
4
$39,750
$42,930
-51.7%
2014
11
$26,500
$28,090
-34.6%
2015
10
$27,500
$29,150
3.8%
2016
11
$81,000
$85,050
191.8%
2017
7
$32,000
$32,640
-61.6%
2018
3
$72,000
$72,000
120.6%
Total change in price
70.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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