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 Thayer home prices have performed since 2008.
Thayer historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
12
$24,625
$28,811.25
-
2009
12
$35,475
$41,505.75
44.1%
2010
13
$57,000
$64,980
56.6%
2011
9
$51,000
$57,630
-11.3%
2012
10
$47,450
$51,720.50
-10.3%
2013
15
$64,900
$70,092
35.5%
2014
8
$56,250
$59,625
-14.9%
2015
5
$68,500
$72,610
21.8%
2016
9
$55,000
$57,750
-20.5%
2017
6
$43,200
$44,064
-23.7%
2018
17
$38,500
$38,500
-12.6%
Total change in price
33.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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