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 Hutsonville home prices have performed since 2008.
Hutsonville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
7
$35,000
$40,950
-
2009
8
$57,000
$66,690
62.9%
2010
11
$26,000
$29,640
-55.6%
2011
14
$67,750
$76,557.50
158.3%
2012
10
$36,750
$40,057.50
-47.7%
2013
11
$42,500
$45,900
14.6%
2014
16
$52,750
$55,915
21.8%
2015
9
$15,000
$15,900
-71.6%
2016
6
$47,000
$49,350
210.4%
2017
9
$65,000
$66,300
34.3%
2018
12
$81,750
$81,750
23.3%
Total change in price
99.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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