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 Posen home prices have performed since 2008.
Posen historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
40
$137,750
$161,167.50
-
2009
46
$82,500
$96,525
-40.1%
2010
42
$75,000
$85,500
-11.4%
2011
48
$66,250
$74,862.50
-12.4%
2012
63
$67,000
$73,030
-2.4%
2013
53
$65,000
$70,200
-3.9%
2014
55
$80,000
$84,800
20.8%
2015
52
$80,500
$85,330
0.6%
2016
56
$86,500
$90,825
6.4%
2017
62
$83,250
$84,915
-6.5%
2018
57
$112,000
$112,000
31.9%
Total change in price
-30.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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