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 Camp Point home prices have performed since 2008.
Camp Point historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
23
$68,000
$79,560
-
2009
26
$69,500
$81,315
2.2%
2010
10
$57,000
$64,980
-20.1%
2011
12
$60,000
$67,800
4.3%
2012
31
$84,500
$92,105
35.8%
2013
34
$83,500
$90,180
-2.1%
2014
24
$69,000
$73,140
-18.9%
2015
30
$73,750
$78,175
6.9%
2016
30
$92,500
$97,125
24.2%
2017
27
$74,800
$76,296
-21.4%
2018
8
$98,000
$98,000
28.4%
Total change in price
23.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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