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 Bull Valley home prices have performed since 2008.
Bull Valley historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
10
$448,750
$525,037.50
-
2009
6
$356,000
$416,520
-20.7%
2010
8
$399,000
$454,860
9.2%
2011
11
$304,000
$343,520
-24.5%
2012
7
$357,000
$389,130
13.3%
2013
15
$322,250
$348,030
-10.6%
2014
26
$297,500
$315,350
-9.4%
2015
22
$339,000
$359,340
13.9%
2016
24
$321,000
$337,050
-6.2%
2017
35
$343,750
$350,625
4%
2018
29
$337,500
$337,500
-3.7%
Total change in price
-35.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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