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 Farmington home prices have performed since 2008.
Farmington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
40
$73,500
$85,995
-
2009
38
$79,925
$93,512.25
8.7%
2010
15
$62,500
$71,250
-23.8%
2011
29
$70,000
$79,100
11%
2012
42
$58,950
$64,255.50
-18.8%
2013
45
$50,000
$54,000
-16%
2014
37
$60,000
$63,600
17.8%
2015
35
$57,000
$60,420
-5%
2016
43
$74,700
$78,435
29.8%
2017
47
$74,000
$75,480
-3.8%
2018
49
$69,900
$69,900
-7.4%
Total change in price
-18.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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