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 Royal home prices have performed since 2008.
Royal historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
11
$112,500
$131,625
-
2009
11
$110,000
$128,700
-2.2%
2010
3
$37,500
$42,750
-66.8%
2011
4
$156,750
$177,127.50
314.3%
2012
5
$110,000
$119,900
-32.3%
2013
10
$114,000
$123,120
2.7%
2014
8
$88,000
$93,280
-24.2%
2015
8
$125,000
$132,500
42%
2016
10
$116,000
$121,800
-8.1%
2017
3
$89,000
$90,780
-25.5%
2018
7
$118,000
$118,000
30%
Total change in price
-10.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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