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 Hometown home prices have performed since 2008.
Hometown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
45
$146,000
$170,820
-
2009
43
$129,000
$150,930
-11.6%
2010
46
$92,500
$105,450
-30.1%
2011
39
$75,000
$84,750
-19.6%
2012
62
$56,500
$61,585
-27.3%
2013
65
$68,000
$73,440
19.2%
2014
78
$80,000
$84,800
15.5%
2015
72
$73,500
$77,910
-8.1%
2016
79
$100,000
$105,000
34.8%
2017
90
$108,000
$110,160
4.9%
2018
75
$124,000
$124,000
12.6%
Total change in price
-27.4%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up