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 Benld home prices have performed since 2008.
Benld historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$31,000
$36,270
-
2009
24
$52,000
$60,840
67.7%
2010
17
$36,500
$41,610
-31.6%
2011
18
$53,500
$60,455
45.3%
2012
20
$42,500
$46,325
-23.4%
2013
33
$37,000
$39,960
-13.7%
2014
16
$44,000
$46,640
16.7%
2015
26
$26,450
$28,037
-39.9%
2016
24
$37,250
$39,112.50
39.5%
2017
27
$35,000
$35,700
-8.7%
2018
15
$33,500
$33,500
-6.2%
Total change in price
-7.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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