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 Atlanta home prices have performed since 2008.
Atlanta historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
28
$69,056.50
$80,796.10
-
2009
30
$85,000
$99,450
23.1%
2010
31
$80,000
$91,200
-8.3%
2011
32
$81,250
$91,812.50
0.7%
2012
21
$76,900
$83,821
-8.7%
2013
36
$76,000
$82,080
-2.1%
2014
40
$72,850
$77,221
-5.9%
2015
36
$80,500
$85,330
10.5%
2016
44
$89,000
$93,450
9.5%
2017
40
$80,750
$82,365
-11.9%
2018
36
$91,450
$91,450
11%
Total change in price
13.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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