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 Gardner home prices have performed since 2008.
Gardner historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
12
$110,000
$128,700
-
2009
10
$100,000
$117,000
-9.1%
2010
10
$112,500
$128,250
9.6%
2011
18
$95,000
$107,350
-16.3%
2012
16
$68,750
$74,937.50
-30.2%
2013
23
$76,500
$82,620
10.3%
2014
17
$57,500
$60,950
-26.2%
2015
23
$95,000
$100,700
65.2%
2016
30
$110,000
$115,500
14.7%
2017
31
$129,000
$131,580
13.9%
2018
20
$136,250
$136,250
3.5%
Total change in price
5.9%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up