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 Grand Ridge home prices have performed since 2008.
Grand Ridge historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
12
$106,500
$124,605
-
2009
6
$55,550
$64,993.50
-47.8%
2010
12
$96,500
$110,010
69.3%
2011
5
$124,000
$140,120
27.4%
2012
3
$53,000
$57,770
-58.8%
2013
11
$70,000
$75,600
30.9%
2014
14
$107,500
$113,950
50.7%
2015
10
$119,000
$126,140
10.7%
2016
10
$70,250
$73,762.50
-41.5%
2017
4
$151,500
$154,530
109.5%
2018
15
$75,500
$75,500
-51.1%
Total change in price
-39.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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