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 Minier home prices have performed since 2008.
Minier historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
19
$71,500
$83,655
-
2009
23
$125,000
$146,250
74.8%
2010
17
$122,000
$139,080
-4.9%
2011
18
$102,500
$115,825
-16.7%
2012
16
$102,950
$112,215.50
-3.1%
2013
17
$125,000
$135,000
20.3%
2014
37
$115,000
$121,900
-9.7%
2015
29
$114,000
$120,840
-0.9%
2016
24
$107,300
$112,665
-6.8%
2017
26
$116,000
$118,320
5%
2018
32
$79,400
$79,400
-32.9%
Total change in price
-5.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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