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 Mattoon home prices have performed since 2008.
Mattoon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
387
$61,000
$71,370
-
2009
317
$57,000
$66,690
-6.6%
2010
287
$68,000
$77,520
16.2%
2011
303
$60,000
$67,800
-12.5%
2012
302
$68,950
$75,155.50
10.8%
2013
339
$72,000
$77,760
3.5%
2014
296
$72,700
$77,062
-0.9%
2015
330
$74,000
$78,440
1.8%
2016
318
$73,500
$77,175
-1.6%
2017
354
$69,000
$70,380
-8.8%
2018
365
$69,000
$69,000
-2%
Total change in price
-3.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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