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 Mount Olive home prices have performed since 2008.
Mount Olive historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
32
$55,350
$64,759.50
-
2009
24
$42,500
$49,725
-23.2%
2010
34
$36,750
$41,895
-15.7%
2011
28
$47,950
$54,183.50
29.3%
2012
34
$53,750
$58,587.50
8.1%
2013
45
$39,000
$42,120
-28.1%
2014
35
$39,500
$41,870
-0.6%
2015
42
$33,650
$35,669
-14.8%
2016
61
$36,500
$38,325
7.4%
2017
42
$54,750
$55,845
45.7%
2018
23
$63,000
$63,000
12.8%
Total change in price
-2.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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