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 East Galesburg home prices have performed since 2008.
East Galesburg historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$53,500
$62,595
-
2009
18
$48,250
$56,452.50
-9.8%
2010
4
$39,500
$45,030
-20.2%
2011
8
$66,000
$74,580
65.6%
2012
10
$58,500
$63,765
-14.5%
2013
19
$69,500
$75,060
17.7%
2014
16
$127,500
$135,150
80.1%
2015
13
$98,500
$104,410
-22.7%
2016
11
$91,500
$96,075
-8%
2017
9
$60,000
$61,200
-36.3%
2018
13
$57,000
$57,000
-6.9%
Total change in price
-8.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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