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 Mendota home prices have performed since 2008.
Mendota historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
97
$110,000
$128,700
-
2009
82
$83,500
$97,695
-24.1%
2010
71
$102,000
$116,280
19%
2011
73
$83,000
$93,790
-19.3%
2012
82
$83,250
$90,742.50
-3.2%
2013
82
$80,000
$86,400
-4.8%
2014
86
$82,250
$87,185
0.9%
2015
103
$91,000
$96,460
10.6%
2016
93
$94,000
$98,700
2.3%
2017
95
$100,000
$102,000
3.3%
2018
39
$80,000
$80,000
-21.6%
Total change in price
-37.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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