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 Washburn home prices have performed since 2008.
Washburn historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$55,000
$64,350
-
2009
18
$57,500
$67,275
4.5%
2010
15
$68,000
$77,520
15.2%
2011
16
$63,750
$72,037.50
-7.1%
2012
21
$53,733
$58,568.97
-18.7%
2013
21
$68,000
$73,440
25.4%
2014
14
$66,800
$70,808
-3.6%
2015
16
$73,500
$77,910
10%
2016
33
$37,500
$39,375
-49.5%
2017
14
$78,450
$80,019
103.2%
2018
16
$76,000
$76,000
-5%
Total change in price
18.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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