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 Turner Camp home prices have performed since 2008.
Turner Camp historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
2
$252,500
$295,425
-
2010
1
$309,500
$352,830
19.4%
2011
1
$115,000
$129,950
-63.2%
2012
3
$225,000
$245,250
88.7%
2013
2
$360,000
$388,800
58.5%
2014
2
$274,000
$290,440
-25.3%
2015
2
$216,500
$229,490
-21%
2017
2
$179,662.50
$183,255.75
-20.1%
2018
2
$255,000
$255,000
39.1%
Total change in price
-13.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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