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 Spring Bay home prices have performed since 2008.
Spring Bay historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
7
$79,000
$92,430
-
2009
10
$66,450
$77,746.50
-15.9%
2010
8
$85,950
$97,983
26%
2011
5
$83,000
$93,790
-4.3%
2012
5
$76,000
$82,840
-11.7%
2013
6
$82,500
$89,100
7.6%
2014
10
$57,250
$60,685
-31.9%
2015
11
$113,000
$119,780
97.4%
2016
10
$68,000
$71,400
-40.4%
2017
10
$86,500
$88,230
23.6%
2018
5
$70,000
$70,000
-20.7%
Total change in price
-24.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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