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 Mackinaw home prices have performed since 2008.
Mackinaw historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
52
$118,250
$138,352.50
-
2009
43
$119,911
$140,295.87
1.4%
2010
47
$124,000
$141,360
0.8%
2011
38
$99,950
$112,943.50
-20.1%
2012
46
$125,500
$136,795
21.1%
2013
45
$115,000
$124,200
-9.2%
2014
55
$134,900
$142,994
15.1%
2015
47
$160,000
$169,600
18.6%
2016
42
$139,250
$146,212.50
-13.8%
2017
53
$135,000
$137,700
-5.8%
2018
42
$157,500
$157,500
14.4%
Total change in price
13.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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