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 Palmyra home prices have performed since 2008.
Palmyra historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
22
$216,250
$253,012.50
-
2009
22
$182,500
$213,525
-15.6%
2010
16
$189,000
$215,460
0.9%
2011
18
$77,750
$87,857.50
-59.2%
2012
21
$78,000
$85,020
-3.2%
2013
30
$111,750
$120,690
42%
2014
22
$87,750
$93,015
-22.9%
2015
22
$89,000
$94,340
1.4%
2016
34
$99,125
$104,081.25
10.3%
2017
36
$162,000
$165,240
58.8%
2018
26
$234,250
$234,250
41.8%
Total change in price
-7.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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