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 Green Valley home prices have performed since 2008.
Green Valley historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$70,000
$81,900
-
2009
15
$87,000
$101,790
24.3%
2010
14
$73,000
$83,220
-18.2%
2011
19
$90,035
$101,739.55
22.3%
2012
17
$148,000
$161,320
58.6%
2013
18
$75,750
$81,810
-49.3%
2014
23
$90,000
$95,400
16.6%
2015
17
$85,000
$90,100
-5.6%
2016
26
$115,500
$121,275
34.6%
2017
17
$165,000
$168,300
38.8%
2018
28
$88,450
$88,450
-47.4%
Total change in price
8%
Where sale prices were unavailable, the home's assessed value was substituted.
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