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 Pontoon Beach home prices have performed since 2008.
Pontoon Beach historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
64
$96,750
$113,197.50
-
2009
62
$91,950
$107,581.50
-5%
2010
52
$101,500
$115,710
7.6%
2011
42
$68,500
$77,405
-33.1%
2012
42
$77,000
$83,930
8.4%
2013
37
$97,500
$105,300
25.5%
2014
64
$72,250
$76,585
-27.3%
2015
46
$96,300
$102,078
33.3%
2016
59
$100,000
$105,000
2.9%
2017
57
$73,500
$74,970
-28.6%
2018
54
$72,500
$72,500
-3.3%
Total change in price
-36%
Where sale prices were unavailable, the home's assessed value was substituted.
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