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 Forsyth home prices have performed since 2008.
Forsyth historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
102
$188,000
$219,960
-
2009
96
$192,000
$224,640
2.1%
2010
96
$165,000
$188,100
-16.3%
2011
83
$235,000
$265,550
41.2%
2012
84
$197,000
$214,730
-19.1%
2013
67
$219,500
$237,060
10.4%
2014
71
$230,000
$243,800
2.8%
2015
63
$228,000
$241,680
-0.9%
2016
85
$205,000
$215,250
-10.9%
2017
74
$238,900
$243,678
13.2%
2018
39
$239,500
$239,500
-1.7%
Total change in price
8.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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