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 Westville home prices have performed since 2008.
Westville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
31
$58,500
$68,445
-
2009
31
$63,500
$74,295
8.5%
2010
22
$60,500
$68,970
-7.2%
2011
27
$59,900
$67,687
-1.9%
2012
12
$75,500
$82,295
21.6%
2013
23
$55,000
$59,400
-27.8%
2014
28
$65,350
$69,271
16.6%
2015
26
$63,750
$67,575
-2.4%
2016
44
$59,000
$61,950
-8.3%
2017
56
$56,850
$57,987
-6.4%
2018
39
$61,000
$61,000
5.2%
Total change in price
-10.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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