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 Tremont home prices have performed since 2008.
Tremont historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
55
$147,500
$172,575
-
2009
48
$138,750
$162,337.50
-5.9%
2010
48
$121,000
$137,940
-15%
2011
68
$138,750
$156,787.50
13.7%
2012
37
$130,000
$141,700
-9.6%
2013
59
$163,000
$176,040
24.2%
2014
55
$147,700
$156,562
-11.1%
2015
63
$146,000
$154,760
-1.2%
2016
71
$162,000
$170,100
9.9%
2017
59
$171,000
$174,420
2.5%
2018
69
$158,000
$158,000
-9.4%
Total change in price
-8.4%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up