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 Jacksonville home prices have performed since 2008.
Jacksonville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
270
$73,002.50
$85,412.92
-
2009
287
$72,000
$84,240
-1.4%
2010
263
$70,110
$79,925.40
-5.1%
2011
259
$69,000
$77,970
-2.4%
2012
265
$74,500
$81,205
4.1%
2013
259
$74,000
$79,920
-1.6%
2014
274
$79,950
$84,747
6%
2015
301
$85,000
$90,100
6.3%
2016
354
$80,500
$84,525
-6.2%
2017
315
$82,900
$84,558
0%
2018
280
$84,500
$84,500
-0.1%
Total change in price
-1.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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