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 Kankakee home prices have performed since 2008.
Kankakee historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
523
$63,000
$73,710
-
2009
395
$61,000
$71,370
-3.2%
2010
320
$75,877.25
$86,500.07
21.2%
2011
290
$70,250
$79,382.50
-8.2%
2012
324
$65,217
$71,086.53
-10.5%
2013
352
$64,147.50
$69,279.30
-2.5%
2014
378
$57,937
$61,413.22
-11.4%
2015
410
$53,700
$56,922
-7.3%
2016
414
$61,000
$64,050
12.5%
2017
444
$69,900
$71,298
11.3%
2018
420
$88,000
$88,000
23.4%
Total change in price
19.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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