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 Hoopeston home prices have performed since 2008.
Hoopeston historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
45
$49,000
$57,330
-
2009
47
$56,000
$65,520
14.3%
2010
24
$67,750
$77,235
17.9%
2011
20
$56,750
$64,127.50
-17%
2012
34
$42,000
$45,780
-28.6%
2013
27
$46,000
$49,680
8.5%
2014
28
$38,000
$40,280
-18.9%
2015
28
$54,950
$58,247
44.6%
2016
74
$42,750
$44,887.50
-22.9%
2017
77
$42,000
$42,840
-4.6%
2018
73
$45,000
$45,000
5%
Total change in price
-21.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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