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 Staunton home prices have performed since 2008.
Staunton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
56
$57,750
$67,567.50
-
2009
67
$75,000
$87,750
29.9%
2010
61
$74,000
$84,360
-3.9%
2011
59
$72,500
$81,925
-2.9%
2012
79
$58,000
$63,220
-22.8%
2013
58
$61,250
$66,150
4.6%
2014
85
$58,500
$62,010
-6.3%
2015
86
$86,250
$91,425
47.4%
2016
88
$78,950
$82,897.50
-9.3%
2017
97
$70,000
$71,400
-13.9%
2018
68
$75,250
$75,250
5.4%
Total change in price
11.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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