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 Prophetstown home prices have performed since 2008.
Prophetstown historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$70,500
$82,485
-
2009
26
$83,500
$97,695
18.4%
2010
29
$76,000
$86,640
-11.3%
2011
27
$95,000
$107,350
23.9%
2012
45
$45,000
$49,050
-54.3%
2013
30
$67,500
$72,900
48.6%
2014
35
$68,000
$72,080
-1.1%
2015
35
$83,500
$88,510
22.8%
2016
32
$65,500
$68,775
-22.3%
2017
42
$57,825
$58,981.50
-14.2%
2018
50
$72,000
$72,000
22.1%
Total change in price
-12.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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