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 Downs home prices have performed since 2008.
Downs historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$178,350
$208,669.50
-
2009
20
$160,950
$188,311.50
-9.8%
2010
24
$149,750
$170,715
-9.3%
2011
9
$148,900
$168,257
-1.4%
2012
17
$172,250
$187,752.50
11.6%
2013
30
$149,500
$161,460
-14%
2014
19
$210,000
$222,600
37.9%
2015
21
$199,900
$211,894
-4.8%
2016
21
$147,000
$154,350
-27.2%
2017
22
$149,250
$152,235
-1.4%
2018
8
$164,500
$164,500
8.1%
Total change in price
-21.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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