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 Bement home prices have performed since 2010.
Bement historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2010
1
$6,000
$6,840
-
2011
1
$11,000
$12,430
81.7%
2014
5
$95,500
$101,230
714.4%
2015
30
$53,950
$57,187
-43.5%
2016
25
$73,000
$76,650
34%
2017
35
$57,500
$58,650
-23.5%
2018
28
$71,500
$71,500
21.9%
Total change in price
945.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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