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 Diamond home prices have performed since 2008.
Diamond historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
37
$247,000
$288,990
-
2009
27
$210,000
$245,700
-15%
2010
18
$189,500
$216,030
-12.1%
2011
21
$190,000
$214,700
-0.6%
2012
27
$174,000
$189,660
-11.7%
2013
23
$175,000
$189,000
-0.3%
2014
27
$189,000
$200,340
6%
2015
29
$171,500
$181,790
-9.3%
2016
27
$225,000
$236,250
30%
2017
24
$220,000
$224,400
-5%
2018
39
$180,000
$180,000
-19.8%
Total change in price
-37.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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