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 Argenta home prices have performed since 2008.
Argenta historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
25
$80,500
$94,185
-
2009
17
$63,000
$73,710
-21.7%
2010
6
$47,500
$54,150
-26.5%
2011
12
$70,833.50
$80,041.85
47.8%
2012
13
$83,000
$90,470
13%
2013
13
$69,900
$75,492
-16.6%
2014
20
$71,900
$76,214
1%
2015
13
$69,000
$73,140
-4%
2016
20
$75,000
$78,750
7.7%
2017
11
$77,750
$79,305
0.7%
2018
4
$76,950
$76,950
-3%
Total change in price
-18.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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