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 St. David home prices have performed since 2008.
St. David historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
22
$32,000
$37,440
-
2009
12
$38,087.50
$44,562.37
19%
2010
3
$5,452
$6,215.28
-86.1%
2011
11
$24,000
$27,120
336.3%
2012
9
$30,000
$32,700
20.6%
2013
9
$58,000
$62,640
91.6%
2014
11
$33,000
$34,980
-44.2%
2015
15
$45,000
$47,700
36.4%
2016
8
$34,000
$35,700
-25.2%
2017
12
$21,000
$21,420
-40%
2018
11
$45,200
$45,200
111%
Total change in price
20.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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