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 Pekin home prices have performed since 2008.
Pekin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
613
$90,000
$105,300
-
2009
532
$88,500
$103,545
-1.7%
2010
503
$87,000
$99,180
-4.2%
2011
463
$88,500
$100,005
0.8%
2012
531
$87,000
$94,830
-5.2%
2013
557
$90,000
$97,200
2.5%
2014
587
$90,000
$95,400
-1.9%
2015
565
$98,000
$103,880
8.9%
2016
588
$88,750
$93,187.50
-10.3%
2017
569
$87,000
$88,740
-4.8%
2018
571
$87,000
$87,000
-2%
Total change in price
-17.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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