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 Momence home prices have performed since 2008.
Momence historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
50
$107,750
$126,067.50
-
2009
39
$119,000
$139,230
10.4%
2010
40
$106,700
$121,638
-12.6%
2011
46
$70,000
$79,100
-35%
2012
38
$106,000
$115,540
46.1%
2013
55
$84,500
$91,260
-21%
2014
56
$89,950
$95,347
4.5%
2015
60
$109,950
$116,547
22.2%
2016
69
$115,000
$120,750
3.6%
2017
73
$107,000
$109,140
-9.6%
2018
67
$107,000
$107,000
-2%
Total change in price
-15.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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