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 Morrison home prices have performed since 2008.
Morrison historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
124
$89,000
$104,130
-
2009
92
$82,000
$95,940
-7.9%
2010
64
$103,000
$117,420
22.4%
2011
72
$96,000
$108,480
-7.6%
2012
95
$82,500
$89,925
-17.1%
2013
72
$91,750
$99,090
10.2%
2014
120
$84,500
$89,570
-9.6%
2015
124
$82,750
$87,715
-2.1%
2016
98
$97,000
$101,850
16.1%
2017
136
$105,000
$107,100
5.2%
2018
105
$85,000
$85,000
-20.6%
Total change in price
-18.4%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up