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 Long Creek home prices have performed since 2008.
Long Creek historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
89
$125,000
$146,250
-
2009
49
$108,000
$126,360
-13.6%
2010
44
$138,000
$157,320
24.5%
2011
49
$110,000
$124,300
-21%
2012
62
$96,750
$105,457.50
-15.2%
2013
60
$104,500
$112,860
7%
2014
54
$141,750
$150,255
33.1%
2015
54
$126,130
$133,697.80
-11%
2016
53
$102,500
$107,625
-19.5%
2017
60
$136,250
$138,975
29.1%
2018
30
$113,525
$113,525
-18.3%
Total change in price
-22.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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