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 Ottawa home prices have performed since 2008.
Ottawa historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
248
$114,450
$133,906.50
-
2009
235
$111,500
$130,455
-2.6%
2010
190
$107,500
$122,550
-6.1%
2011
183
$103,500
$116,955
-4.6%
2012
239
$105,000
$114,450
-2.1%
2013
264
$104,450
$112,806
-1.4%
2014
280
$107,250
$113,685
0.8%
2015
258
$115,000
$121,900
7.2%
2016
309
$119,725
$125,711.25
3.1%
2017
327
$107,500
$109,650
-12.8%
2018
221
$111,000
$111,000
1.2%
Total change in price
-17.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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