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 Minonk home prices have performed since 2008.
Minonk historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
46
$70,000
$81,900
-
2009
31
$59,500
$69,615
-15%
2010
27
$46,500
$53,010
-23.9%
2011
28
$48,250
$54,522.50
2.9%
2012
29
$84,000
$91,560
67.9%
2013
30
$53,250
$57,510
-37.2%
2014
33
$62,500
$66,250
15.2%
2015
25
$46,000
$48,760
-26.4%
2016
30
$69,450
$72,922.50
49.6%
2017
37
$67,500
$68,850
-5.6%
2018
25
$85,000
$85,000
23.5%
Total change in price
3.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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