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 Waverly home prices have performed since 2008.
Waverly historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
26
$55,000
$64,350
-
2009
20
$51,500
$60,255
-6.4%
2010
24
$43,500
$49,590
-17.7%
2011
10
$55,500
$62,715
26.5%
2012
33
$55,500
$60,495
-3.5%
2013
25
$38,000
$41,040
-32.2%
2014
39
$57,500
$60,950
48.5%
2015
27
$65,900
$69,854
14.6%
2016
22
$41,000
$43,050
-38.4%
2017
31
$47,000
$47,940
11.4%
2018
35
$78,000
$78,000
62.7%
Total change in price
21.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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