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 Lanark home prices have performed since 2008.
Lanark historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
13
$47,234
$55,263.78
-
2009
39
$43,000
$50,310
-9%
2010
26
$63,000
$71,820
42.8%
2011
20
$64,250
$72,602.50
1.1%
2012
13
$46,000
$50,140
-30.9%
2013
25
$32,501
$35,101.08
-30%
2014
41
$50,000
$53,000
51%
2015
24
$39,250
$41,605
-21.5%
2016
32
$57,000
$59,850
43.9%
2017
25
$60,000
$61,200
2.3%
2018
29
$42,000
$42,000
-31.4%
Total change in price
-24%
Where sale prices were unavailable, the home's assessed value was substituted.
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