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 Glenwood home prices have performed since 2008.
Glenwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
100
$121,500
$142,155
-
2009
93
$106,500
$124,605
-12.3%
2010
97
$90,000
$102,600
-17.7%
2011
69
$60,000
$67,800
-33.9%
2012
121
$71,000
$77,390
14.1%
2013
153
$70,500
$76,140
-1.6%
2014
128
$92,000
$97,520
28.1%
2015
147
$74,500
$78,970
-19%
2016
153
$89,000
$93,450
18.3%
2017
196
$100,250
$102,255
9.4%
2018
126
$109,250
$109,250
6.8%
Total change in price
-23.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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