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 Ashmore home prices have performed since 2008.
Ashmore historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
20
$66,250
$77,512.50
-
2009
10
$60,250
$70,492.50
-9.1%
2010
21
$75,000
$85,500
21.3%
2011
16
$51,500
$58,195
-31.9%
2012
11
$38,000
$41,420
-28.8%
2013
13
$50,000
$54,000
30.4%
2014
7
$38,500
$40,810
-24.4%
2015
15
$43,000
$45,580
11.7%
2016
16
$45,500
$47,775
4.8%
2017
16
$55,500
$56,610
18.5%
2018
14
$43,500
$43,500
-23.2%
Total change in price
-43.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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