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 Rock Falls home prices have performed since 2008.
Rock Falls historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
190
$64,500
$75,465
-
2009
179
$65,078
$76,141.26
0.9%
2010
149
$63,000
$71,820
-5.7%
2011
155
$54,000
$61,020
-15%
2012
176
$60,000
$65,400
7.2%
2013
187
$59,000
$63,720
-2.6%
2014
186
$63,500
$67,310
5.6%
2015
184
$65,000
$68,900
2.4%
2016
185
$61,900
$64,995
-5.7%
2017
189
$63,000
$64,260
-1.1%
2018
220
$62,700
$62,700
-2.4%
Total change in price
-16.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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