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 Dewey home prices have performed since 2008.
Dewey historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
9
$150,000
$175,500
-
2009
9
$82,500
$96,525
-45%
2010
7
$170,000
$193,800
100.8%
2011
10
$225,000
$254,250
31.2%
2012
8
$96,625
$105,321.25
-58.6%
2013
15
$209,900
$226,692
115.2%
2014
17
$97,500
$103,350
-54.4%
2015
12
$139,500
$147,870
43.1%
2016
15
$140,000
$147,000
-0.6%
2017
18
$216,500
$220,830
50.2%
2018
5
$164,900
$164,900
-25.3%
Total change in price
-6%
Where sale prices were unavailable, the home's assessed value was substituted.
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