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 Shannon home prices have performed since 2008.
Shannon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
7
$65,000
$76,050
-
2009
19
$50,000
$58,500
-23.1%
2010
13
$85,000
$96,900
65.6%
2011
15
$51,000
$57,630
-40.5%
2012
17
$48,000
$52,320
-9.2%
2013
17
$60,000
$64,800
23.9%
2014
14
$64,750
$68,635
5.9%
2015
13
$67,000
$71,020
3.5%
2016
15
$57,000
$59,850
-15.7%
2017
12
$84,000
$85,680
43.2%
2018
23
$65,000
$65,000
-24.1%
Total change in price
-14.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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