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 Earlville home prices have performed since 2008.
Earlville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
30
$110,000
$128,700
-
2009
21
$115,000
$134,550
4.5%
2010
24
$106,250
$121,125
-10%
2011
18
$73,500
$83,055
-31.4%
2012
21
$94,900
$103,441
24.5%
2013
24
$86,889.97
$93,841.17
-9.3%
2014
30
$69,000
$73,140
-22.1%
2015
25
$110,000
$116,600
59.4%
2016
34
$122,000
$128,100
9.9%
2017
20
$126,500
$129,030
0.7%
2018
24
$78,750
$78,750
-39%
Total change in price
-38.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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