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 Venetian Village home prices have performed since 2008.
Venetian Village historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
33
$175,500
$205,335
-
2009
23
$132,500
$155,025
-24.5%
2010
26
$115,428.40
$131,588.37
-15.1%
2011
27
$78,799.50
$89,043.43
-32.3%
2012
21
$91,000
$99,190
11.4%
2013
32
$99,500
$107,460
8.3%
2014
34
$117,950
$125,027
16.3%
2015
42
$121,000
$128,260
2.6%
2016
39
$135,250
$142,012.50
10.7%
2017
53
$155,000
$158,100
11.3%
2018
55
$159,900
$159,900
1.1%
Total change in price
-22.1%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up