To truly increase, real estate values must grow faster than inflation plus an owner's effective property tax rate - an average appreciation of about 5 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 2.47 percent annually since 2000.
The average effective property tax rate in Illinois was 2.3 percent in 2017, according to the Illinois Policy Institute.
Here's how Lena home prices have performed since 2008.
Lena historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change
2008
17
$82,000
$91,840
-
2009
32
$96,253
$109,728.42
19.5%
2010
33
$105,000
$117,600
7.2%
2011
30
$92,500
$100,825
-14.3%
2012
44
$93,500
$100,045
-0.8%
2013
45
$85,000
$89,250
-10.8%
2014
38
$91,500
$94,245
5.6%
2015
46
$79,500
$81,885
-13.1%
2016
49
$93,000
$94,860
15.8%
2017
52
$88,000
$88,000
-7.2%
Total change in price
-4.2%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up