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 Leland home prices have performed since 2008.
Leland historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
13
$218,500
$255,645
-
2009
11
$125,000
$146,250
-42.8%
2010
10
$122,500
$139,650
-4.5%
2011
6
$59,000
$66,670
-52.3%
2012
9
$120,000
$130,800
96.2%
2013
13
$130,672.59
$141,126.39
7.9%
2014
15
$156,300
$165,678
17.4%
2015
27
$170,000
$180,200
8.8%
2016
24
$141,450
$148,522.50
-17.6%
2017
19
$120,000
$122,400
-17.6%
2018
18
$167,200
$167,200
36.6%
Total change in price
-34.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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