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 Swansea home prices have performed since 2008.
Swansea historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
247
$520,500
$608,985
-
2009
209
$200,000
$234,000
-61.6%
2010
259
$161,000
$183,540
-21.6%
2011
229
$173,500
$196,055
6.8%
2012
231
$148,000
$161,320
-17.7%
2013
204
$160,000
$172,800
7.1%
2014
216
$151,250
$160,325
-7.2%
2015
218
$146,000
$154,760
-3.5%
2016
232
$146,500
$153,825
-0.6%
2017
220
$159,500
$162,690
5.8%
2018
232
$154,050
$154,050
-5.3%
Total change in price
-74.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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