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 Clayton home prices have performed since 2008.
Clayton historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
10
$25,250
$29,542.50
-
2009
18
$33,950
$39,721.50
34.5%
2010
5
$32,500
$37,050
-6.7%
2011
13
$35,000
$39,550
6.7%
2012
10
$18,000
$19,620
-50.4%
2013
11
$50,000
$54,000
175.2%
2014
16
$50,000
$53,000
-1.9%
2015
22
$30,500
$32,330
-39%
2016
15
$48,000
$50,400
55.9%
2017
18
$49,450
$50,439
0.1%
2018
10
$50,000
$50,000
-0.9%
Total change in price
69.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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