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 Sterling home prices have performed since 2008.
Sterling historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
263
$80,200
$93,834
-
2009
264
$76,000
$88,920
-5.2%
2010
187
$75,000
$85,500
-3.8%
2011
220
$76,500
$86,445
1.1%
2012
246
$71,250
$77,662.50
-10.2%
2013
289
$67,000
$72,360
-6.8%
2014
232
$75,750
$80,295
11%
2015
288
$70,000
$74,200
-7.6%
2016
274
$73,750
$77,437.50
4.4%
2017
316
$81,750
$83,385
7.7%
2018
309
$80,000
$80,000
-4.1%
Total change in price
-14.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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