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 Paw Paw home prices have performed since 2008.
Paw Paw historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
15
$110,000
$128,700
-
2009
21
$123,000
$143,910
11.8%
2010
18
$82,000
$93,480
-35%
2011
10
$56,750
$64,127.50
-31.4%
2012
10
$31,750
$34,607.50
-46%
2013
15
$40,500
$43,740
26.4%
2014
20
$37,500
$39,750
-9.1%
2015
9
$28,000
$29,680
-25.3%
2016
15
$50,000
$52,500
76.9%
2017
24
$92,750
$94,605
80.2%
2018
25
$129,000
$129,000
36.4%
Total change in price
0.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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