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 Hainesville home prices have performed since 2008.
Hainesville historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
73
$178,000
$208,260
-
2009
54
$136,625
$159,851.25
-23.2%
2010
57
$145,000
$165,300
3.4%
2011
43
$97,000
$109,610
-33.7%
2012
51
$120,000
$130,800
19.3%
2013
82
$92,500
$99,900
-23.6%
2014
70
$102,750
$108,915
9%
2015
62
$119,000
$126,140
15.8%
2016
70
$130,000
$136,500
8.2%
2017
90
$151,000
$154,020
12.8%
2018
94
$143,000
$143,000
-7.2%
Total change in price
-31.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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