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 Seneca home prices have performed since 2008.
Seneca historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
33
$147,000
$171,990
-
2009
17
$130,000
$152,100
-11.6%
2010
34
$150,000
$171,000
12.4%
2011
19
$155,000
$175,150
2.4%
2012
25
$150,000
$163,500
-6.7%
2013
35
$125,000
$135,000
-17.4%
2014
33
$90,000
$95,400
-29.3%
2015
31
$149,000
$157,940
65.6%
2016
45
$147,500
$154,875
-1.9%
2017
37
$140,000
$142,800
-7.8%
2018
30
$149,000
$149,000
4.3%
Total change in price
-13.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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