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 Danville home prices have performed since 2008.
Danville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
228
$62,700
$73,359
-
2009
211
$50,500
$59,085
-19.5%
2010
173
$58,500
$66,690
12.9%
2011
168
$55,000
$62,150
-6.8%
2012
181
$57,000
$62,130
-0%
2013
222
$59,000
$63,720
2.6%
2014
207
$53,000
$56,180
-11.8%
2015
217
$69,900
$74,094
31.9%
2016
418
$43,950
$46,147.50
-37.7%
2017
432
$40,000
$40,800
-11.6%
2018
298
$30,000
$30,000
-26.5%
Total change in price
-59.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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