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 Prairie Grove home prices have performed since 2008.
Prairie Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
30
$484,000
$566,280
-
2009
21
$360,000
$421,200
-25.6%
2010
20
$360,000
$410,400
-2.6%
2011
15
$334,250
$377,702.50
-8%
2012
31
$258,000
$281,220
-25.5%
2013
25
$216,500
$233,820
-16.9%
2014
18
$252,500
$267,650
14.5%
2015
39
$259,500
$275,070
2.8%
2016
39
$309,000
$324,450
18%
2017
49
$274,750
$280,245
-13.6%
2018
51
$362,500
$362,500
29.4%
Total change in price
-36%
Where sale prices were unavailable, the home's assessed value was substituted.
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