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 Marissa home prices have performed since 2008.
Marissa historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
34
$116,250
$136,012.50
-
2009
18
$55,500
$64,935
-52.3%
2010
27
$52,000
$59,280
-8.7%
2011
26
$38,500
$43,505
-26.6%
2012
26
$51,750
$56,407.50
29.7%
2013
36
$30,000
$32,400
-42.6%
2014
20
$58,250
$61,745
90.6%
2015
25
$40,000
$42,400
-31.3%
2016
28
$51,500
$54,075
27.5%
2017
25
$44,000
$44,880
-17%
2018
25
$44,000
$44,000
-2%
Total change in price
-67.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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