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 Peoria Heights home prices have performed since 2008.
Peoria Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
111
$72,500
$84,825
-
2009
73
$70,000
$81,900
-3.4%
2010
79
$72,000
$82,080
0.2%
2011
57
$71,000
$80,230
-2.3%
2012
79
$72,000
$78,480
-2.2%
2013
97
$60,900
$65,772
-16.2%
2014
94
$73,300
$77,698
18.1%
2015
107
$64,500
$68,370
-12%
2016
120
$81,000
$85,050
24.4%
2017
121
$70,500
$71,910
-15.4%
2018
105
$71,000
$71,000
-1.3%
Total change in price
-16.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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