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 Mount Zion home prices have performed since 2008.
Mount Zion historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
143
$127,500
$149,175
-
2009
106
$130,750
$152,977.50
2.5%
2010
97
$143,000
$163,020
6.6%
2011
81
$155,000
$175,150
7.4%
2012
122
$135,000
$147,150
-16%
2013
95
$139,000
$150,120
2%
2014
107
$147,500
$156,350
4.2%
2015
99
$120,000
$127,200
-18.6%
2016
107
$137,500
$144,375
13.5%
2017
101
$137,900
$140,658
-2.6%
2018
53
$130,000
$130,000
-7.6%
Total change in price
-12.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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