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 Divernon home prices have performed since 2008.
Divernon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
23
$75,000
$87,750
-
2009
29
$87,000
$101,790
16%
2010
34
$79,250
$90,345
-11.2%
2011
25
$88,000
$99,440
10.1%
2012
19
$80,000
$87,200
-12.3%
2013
31
$65,000
$70,200
-19.5%
2014
28
$86,000
$91,160
29.9%
2015
24
$71,375
$75,657.50
-17%
2016
19
$96,000
$100,800
33.2%
2017
22
$83,380
$85,047.60
-15.6%
2018
17
$77,900
$77,900
-8.4%
Total change in price
-11.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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