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 Blue Mound home prices have performed since 2008.
Blue Mound historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
19
$63,000
$73,710
-
2009
27
$73,000
$85,410
15.9%
2010
19
$65,000
$74,100
-13.2%
2011
17
$75,000
$84,750
14.4%
2012
30
$72,722.50
$79,267.52
-6.5%
2013
22
$87,650
$94,662
19.4%
2014
19
$67,000
$71,020
-25%
2015
21
$85,000
$90,100
26.9%
2016
21
$78,000
$81,900
-9.1%
2017
13
$55,500
$56,610
-30.9%
2018
12
$87,484.50
$87,484.50
54.5%
Total change in price
18.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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