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 Justice home prices have performed since 2008.
Justice historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
47
$197,500
$231,075
-
2009
62
$160,000
$187,200
-19%
2010
57
$138,000
$157,320
-16%
2011
68
$125,000
$141,250
-10.2%
2012
77
$111,000
$120,990
-14.3%
2013
105
$115,000
$124,200
2.7%
2014
86
$138,500
$146,810
18.2%
2015
92
$150,500
$159,530
8.7%
2016
126
$151,500
$159,075
-0.3%
2017
121
$162,000
$165,240
3.9%
2018
119
$183,000
$183,000
10.7%
Total change in price
-20.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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