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 North Utica home prices have performed since 2008.
North Utica historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
26
$91,750
$107,347.50
-
2009
21
$95,000
$111,150
3.5%
2010
19
$186,000
$212,040
90.8%
2011
13
$166,000
$187,580
-11.5%
2012
17
$164,018.93
$178,780.63
-4.7%
2013
16
$163,750
$176,850
-1.1%
2014
17
$142,000
$150,520
-14.9%
2015
15
$137,500
$145,750
-3.2%
2016
16
$165,500
$173,775
19.2%
2017
20
$165,000
$168,300
-3.2%
2018
14
$213,750
$213,750
27%
Total change in price
99.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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