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 Girard home prices have performed since 2008.
Girard historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$63,750
$74,587.50
-
2009
24
$62,500
$73,125
-2%
2010
20
$60,000
$68,400
-6.5%
2011
22
$51,000
$57,630
-15.7%
2012
21
$60,000
$65,400
13.5%
2013
40
$44,459.50
$48,016.26
-26.6%
2014
31
$15,000
$15,900
-66.9%
2015
40
$48,250
$51,145
221.7%
2016
47
$36,600
$38,430
-24.9%
2017
30
$62,875
$64,132.50
66.9%
2018
23
$43,000
$43,000
-33%
Total change in price
-42.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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