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 Galesburg home prices have performed since 2008.
Galesburg historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
539
$55,000
$64,350
-
2009
450
$55,000
$64,350
0%
2010
402
$62,000
$70,680
9.8%
2011
436
$59,000
$66,670
-5.7%
2012
464
$58,250
$63,492.50
-4.8%
2013
487
$66,000
$71,280
12.3%
2014
518
$56,000
$59,360
-16.7%
2015
543
$59,000
$62,540
5.4%
2016
542
$60,000
$63,000
0.7%
2017
497
$67,500
$68,850
9.3%
2018
543
$65,000
$65,000
-5.6%
Total change in price
1%
Where sale prices were unavailable, the home's assessed value was substituted.
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