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 Sheridan home prices have performed since 2008.
Sheridan historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$183,500
$214,695
-
2009
29
$175,000
$204,750
-4.6%
2010
19
$164,730
$187,792.20
-8.3%
2011
23
$150,955
$170,579.15
-9.2%
2012
28
$166,484
$181,467.56
6.4%
2013
41
$133,900
$144,612
-20.3%
2014
44
$155,500
$164,830
14%
2015
23
$160,297
$169,914.82
3.1%
2016
33
$169,950
$178,447.50
5%
2017
40
$185,000
$188,700
5.7%
2018
26
$212,000
$212,000
12.3%
Total change in price
-1.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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