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 Niantic home prices have performed since 2008.
Niantic historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
9
$78,000
$91,260
-
2009
11
$67,000
$78,390
-14.1%
2010
5
$77,500
$88,350
12.7%
2011
15
$62,000
$70,060
-20.7%
2012
13
$42,500
$46,325
-33.9%
2013
14
$81,750
$88,290
90.6%
2014
9
$59,900
$63,494
-28.1%
2015
18
$70,000
$74,200
16.9%
2016
13
$87,500
$91,875
23.8%
2017
11
$43,000
$43,860
-52.3%
2018
4
$110,500
$110,500
151.9%
Total change in price
21.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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