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 Modesto home prices have performed since 2008.
Modesto historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
1
$16,000
$18,720
-
2009
2
$22,300
$26,091
39.4%
2010
2
$38,450
$43,833
68%
2011
4
$61,000
$68,930
57.3%
2012
4
$60,250
$65,672.50
-4.7%
2013
2
$17,125
$18,495
-71.8%
2014
2
$45,000
$47,700
157.9%
2015
10
$15,200
$16,112
-66.2%
2016
4
$28,711.50
$30,147.07
87.1%
2017
3
$15,000
$15,300
-49.2%
2018
1
$135,000
$135,000
782.4%
Total change in price
621.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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