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 South Pekin home prices have performed since 2008.
South Pekin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
12
$69,000
$80,730
-
2009
21
$65,000
$76,050
-5.8%
2010
10
$65,500
$74,670
-1.8%
2011
20
$57,250
$64,692.50
-13.4%
2012
12
$61,250
$66,762.50
3.2%
2013
8
$70,450
$76,086
14%
2014
17
$66,000
$69,960
-8.1%
2015
18
$54,450
$57,717
-17.5%
2016
15
$46,000
$48,300
-16.3%
2017
13
$74,900
$76,398
58.2%
2018
12
$34,750
$34,750
-54.5%
Total change in price
-57%
Where sale prices were unavailable, the home's assessed value was substituted.
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