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 Catlin home prices have performed since 2008.
Catlin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$101,950
$119,281.50
-
2009
15
$85,500
$100,035
-16.1%
2010
11
$104,000
$118,560
18.5%
2011
10
$69,500
$78,535
-33.8%
2012
26
$90,500
$98,645
25.6%
2013
26
$81,250
$87,750
-11%
2014
13
$94,500
$100,170
14.2%
2015
18
$79,900
$84,694
-15.4%
2016
38
$85,000
$89,250
5.4%
2017
29
$82,000
$83,640
-6.3%
2018
25
$87,000
$87,000
4%
Total change in price
-27.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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