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 Meredosia home prices have performed since 2008.
Meredosia historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
10
$44,500
$52,065
-
2009
10
$34,250
$40,072.50
-23%
2010
20
$40,000
$45,600
13.8%
2011
14
$33,000
$37,290
-18.2%
2012
18
$41,250
$44,962.50
20.6%
2013
19
$39,000
$42,120
-6.3%
2014
17
$9,000
$9,540
-77.4%
2015
18
$56,500
$59,890
527.8%
2016
11
$34,000
$35,700
-40.4%
2017
28
$39,289
$40,074.78
12.3%
2018
15
$32,500
$32,500
-18.9%
Total change in price
-37.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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