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 Milledgeville home prices have performed since 2008.
Milledgeville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
11
$58,000
$67,860
-
2009
19
$68,000
$79,560
17.2%
2010
17
$40,000
$45,600
-42.7%
2011
10
$68,250
$77,122.50
69.1%
2012
9
$51,500
$56,135
-27.2%
2013
22
$33,750
$36,450
-35.1%
2014
14
$41,000
$43,460
19.2%
2015
14
$57,750
$61,215
40.9%
2016
18
$63,750
$66,937.50
9.3%
2017
12
$65,500
$66,810
-0.2%
2018
11
$84,000
$84,000
25.7%
Total change in price
23.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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