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 Homer home prices have performed since 2008.
Homer historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
26
$77,750
$90,967.50
-
2009
29
$76,000
$88,920
-2.3%
2010
31
$75,000
$85,500
-3.8%
2011
27
$86,500
$97,745
14.3%
2012
32
$66,000
$71,940
-26.4%
2013
32
$68,500
$73,980
2.8%
2014
35
$53,900
$57,134
-22.8%
2015
23
$92,500
$98,050
71.6%
2016
34
$107,887.50
$113,281.87
15.5%
2017
41
$88,000
$89,760
-20.8%
2018
31
$98,000
$98,000
9.2%
Total change in price
7.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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