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 Pesotum home prices have performed since 2008.
Pesotum historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
12
$111,000
$129,870
-
2009
14
$89,000
$104,130
-19.8%
2010
15
$117,000
$133,380
28.1%
2011
9
$91,500
$103,395
-22.5%
2012
14
$100,000
$109,000
5.4%
2013
18
$103,750
$112,050
2.8%
2014
22
$112,500
$119,250
6.4%
2015
17
$120,000
$127,200
6.7%
2016
14
$110,000
$115,500
-9.2%
2017
13
$143,000
$145,860
26.3%
2018
13
$110,000
$110,000
-24.6%
Total change in price
-15.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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