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 Oneida home prices have performed since 2008.
Oneida historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$54,000
$63,180
-
2009
11
$67,500
$78,975
25%
2010
11
$50,000
$57,000
-27.8%
2011
7
$75,000
$84,750
48.7%
2012
8
$80,500
$87,745
3.5%
2013
13
$60,000
$64,800
-26.1%
2014
11
$50,000
$53,000
-18.2%
2015
16
$61,500
$65,190
23%
2016
12
$79,000
$82,950
27.2%
2017
19
$75,000
$76,500
-7.8%
2018
13
$90,000
$90,000
17.6%
Total change in price
42.5%
Where sale prices were unavailable, the home's assessed value was substituted.
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