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 Astoria home prices have performed since 2008.
Astoria historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
21
$22,000
$25,740
-
2009
19
$35,500
$41,535
61.4%
2010
7
$25,000
$28,500
-31.4%
2011
11
$41,000
$46,330
62.6%
2012
27
$32,500
$35,425
-23.5%
2013
14
$20,000
$21,600
-39%
2014
17
$28,000
$29,680
37.4%
2015
17
$28,731
$30,454.86
2.6%
2016
12
$30,500
$32,025
5.2%
2017
12
$24,546
$25,036.92
-21.8%
2018
16
$44,250
$44,250
76.7%
Total change in price
71.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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