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 Lincoln home prices have performed since 2008.
Lincoln historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
174
$65,550
$76,693.50
-
2009
199
$67,000
$78,390
2.2%
2010
188
$57,750
$65,835
-16%
2011
179
$61,050
$68,986.50
4.8%
2012
193
$61,000
$66,490
-3.6%
2013
231
$60,000
$64,800
-2.5%
2014
230
$68,550
$72,663
12.1%
2015
213
$65,000
$68,900
-5.2%
2016
289
$72,500
$76,125
10.5%
2017
249
$70,000
$71,400
-6.2%
2018
271
$70,943
$70,943
-0.6%
Total change in price
-7.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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