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 Rome home prices have performed since 2008.
Rome historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
29
$97,000
$113,490
-
2009
16
$110,000
$128,700
13.4%
2010
22
$90,750
$103,455
-19.6%
2011
12
$68,000
$76,840
-25.7%
2012
19
$96,000
$104,640
36.2%
2013
29
$107,500
$116,100
11%
2014
26
$106,500
$112,890
-2.8%
2015
23
$85,500
$90,630
-19.7%
2016
25
$93,500
$98,175
8.3%
2017
29
$114,050
$116,331
18.5%
2018
28
$100,000
$100,000
-14%
Total change in price
-11.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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