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 Fairmont City home prices have performed since 2008.
Fairmont City historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
8
$180,000
$210,600
-
2009
19
$87,000
$101,790
-51.7%
2010
10
$36,500
$41,610
-59.1%
2011
9
$54,000
$61,020
46.6%
2012
21
$36,500
$39,785
-34.8%
2013
15
$40,000
$43,200
8.6%
2014
14
$39,750
$42,135
-2.5%
2015
14
$38,500
$40,810
-3.1%
2016
11
$43,000
$45,150
10.6%
2017
13
$41,000
$41,820
-7.4%
2018
10
$32,500
$32,500
-22.3%
Total change in price
-84.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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