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 Bunker Hill home prices have performed since 2008.
Bunker Hill historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
15
$57,000
$66,690
-
2009
21
$83,000
$97,110
45.6%
2010
19
$62,000
$70,680
-27.2%
2011
20
$62,500
$70,625
-0.1%
2012
20
$51,000
$55,590
-21.3%
2013
20
$72,500
$78,300
40.9%
2014
19
$78,000
$82,680
5.6%
2015
25
$65,000
$68,900
-16.7%
2016
29
$73,500
$77,175
12%
2017
27
$57,000
$58,140
-24.7%
2018
21
$67,000
$67,000
15.2%
Total change in price
0.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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