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 Hillsboro home prices have performed since 2008.
Hillsboro historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
11
$97,000
$113,490
-
2009
23
$59,500
$69,615
-38.7%
2010
9
$58,000
$66,120
-5%
2011
14
$82,750
$93,507.50
41.4%
2012
24
$75,000
$81,750
-12.6%
2013
23
$75,000
$81,000
-0.9%
2014
31
$63,000
$66,780
-17.6%
2015
30
$79,750
$84,535
26.6%
2016
27
$59,000
$61,950
-26.7%
2017
35
$51,000
$52,020
-16%
2018
8
$115,000
$115,000
121.1%
Total change in price
1.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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