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 Oglesby home prices have performed since 2008.
Oglesby historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
48
$105,000
$122,850
-
2009
62
$92,500
$108,225
-11.9%
2010
56
$82,000
$93,480
-13.6%
2011
41
$68,500
$77,405
-17.2%
2012
47
$95,000
$103,550
33.8%
2013
60
$83,500
$90,180
-12.9%
2014
74
$97,500
$103,350
14.6%
2015
53
$73,000
$77,380
-25.1%
2016
64
$78,250
$82,162.50
6.2%
2017
68
$89,750
$91,545
11.4%
2018
42
$113,500
$113,500
24%
Total change in price
-7.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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