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 Tonica home prices have performed since 2008.
Tonica historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$70,000
$81,900
-
2009
12
$105,500
$123,435
50.7%
2010
7
$111,000
$126,540
2.5%
2011
13
$79,900
$90,287
-28.6%
2012
14
$60,000
$65,400
-27.6%
2013
14
$78,000
$84,240
28.8%
2014
18
$95,450
$101,177
20.1%
2015
20
$76,950
$81,567
-19.4%
2016
20
$130,500
$137,025
68%
2017
10
$150,000
$153,000
11.7%
2018
9
$73,500
$73,500
-52%
Total change in price
-10.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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