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 Yates City home prices have performed since 2008.
Yates City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
12
$45,000
$52,650
-
2009
6
$76,250
$89,212.50
69.4%
2010
7
$50,000
$57,000
-36.1%
2011
10
$75,000
$84,750
48.7%
2012
11
$85,000
$92,650
9.3%
2013
12
$47,000
$50,760
-45.2%
2014
12
$60,250
$63,865
25.8%
2015
21
$60,000
$63,600
-0.4%
2016
17
$46,000
$48,300
-24.1%
2017
16
$70,500
$71,910
48.9%
2018
6
$100,868.50
$100,868.50
40.3%
Total change in price
91.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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