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 Washington home prices have performed since 2008.
Washington historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
431
$135,000
$157,950
-
2009
381
$135,000
$157,950
0%
2010
407
$140,000
$159,600
1%
2011
308
$145,000
$163,850
2.7%
2012
424
$140,050
$152,654.50
-6.8%
2013
431
$152,900
$165,132
8.2%
2014
446
$137,250
$145,485
-11.9%
2015
426
$159,250
$168,805
16%
2016
379
$165,000
$173,250
2.6%
2017
345
$170,000
$173,400
0.1%
2018
389
$155,000
$155,000
-10.6%
Total change in price
-1.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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