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 Elkhart home prices have performed since 2008.
Elkhart historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
17
$86,500
$101,205
-
2009
10
$85,250
$99,742.50
-1.4%
2010
10
$63,550
$72,447
-27.4%
2011
8
$68,000
$76,840
6.1%
2012
11
$84,350
$91,941.50
19.7%
2013
18
$79,750
$86,130
-6.3%
2014
13
$77,500
$82,150
-4.6%
2015
5
$72,000
$76,320
-7.1%
2016
13
$107,000
$112,350
47.2%
2017
11
$102,900
$104,958
-6.6%
2018
13
$85,000
$85,000
-19%
Total change in price
-16%
Where sale prices were unavailable, the home's assessed value was substituted.
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