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 Marengo home prices have performed since 2008.
Marengo historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
64
$185,000
$216,450
-
2009
96
$144,000
$168,480
-22.2%
2010
71
$124,000
$141,360
-16.1%
2011
67
$102,000
$115,260
-18.5%
2012
77
$113,000
$123,170
6.9%
2013
105
$104,000
$112,320
-8.8%
2014
100
$125,000
$132,500
18%
2015
107
$125,000
$132,500
0%
2016
114
$155,000
$162,750
22.8%
2017
136
$154,000
$157,080
-3.5%
2018
114
$151,500
$151,500
-3.6%
Total change in price
-30%
Where sale prices were unavailable, the home's assessed value was substituted.
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