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 Glover home prices have performed since 2008.
Glover historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
12
$187,250
$219,082.50
-
2009
10
$201,500
$235,755
7.6%
2010
11
$183,500
$209,190
-11.3%
2011
8
$252,000
$284,760
36.1%
2012
9
$200,000
$218,000
-23.4%
2013
11
$198,000
$213,840
-1.9%
2014
6
$215,000
$227,900
6.6%
2015
9
$191,000
$202,460
-11.2%
2016
7
$227,000
$238,350
17.7%
2017
10
$269,000
$274,380
15.1%
2018
4
$267,450
$267,450
-2.5%
Total change in price
22.1%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up