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 South Wilmington home prices have performed since 2008.
South Wilmington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
6
$69,000
$80,730
-
2009
4
$117,500
$137,475
70.3%
2010
12
$91,500
$104,310
-24.1%
2011
6
$125,750
$142,097.50
36.2%
2012
8
$49,500
$53,955
-62%
2013
8
$57,000
$61,560
14.1%
2014
16
$110,000
$116,600
89.4%
2015
10
$100,000
$106,000
-9.1%
2016
8
$86,250
$90,562.50
-14.6%
2017
20
$68,750
$70,125
-22.6%
2018
15
$109,900
$109,900
56.7%
Total change in price
36.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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