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 South Jacksonville home prices have performed since 2008.
South Jacksonville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
57
$86,500
$101,205
-
2009
62
$89,950
$105,241.50
4%
2010
48
$85,900
$97,926
-7%
2011
71
$74,000
$83,620
-14.6%
2012
66
$87,250
$95,102.50
13.7%
2013
58
$91,750
$99,090
4.2%
2014
58
$86,750
$91,955
-7.2%
2015
59
$88,000
$93,280
1.4%
2016
70
$88,000
$92,400
-0.9%
2017
93
$82,900
$84,558
-8.5%
2018
75
$93,000
$93,000
10%
Total change in price
-8.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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