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 Mendon home prices have performed since 2008.
Mendon historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
10
$81,500
$95,355
-
2009
15
$60,240
$70,480.80
-26.1%
2010
11
$66,000
$75,240
6.8%
2011
11
$64,800
$73,224
-2.7%
2012
16
$74,425.50
$81,123.79
10.8%
2013
15
$70,000
$75,600
-6.8%
2014
14
$75,500
$80,030
5.9%
2015
23
$87,000
$92,220
15.2%
2016
26
$65,226
$68,487.30
-25.7%
2017
23
$63,000
$64,260
-6.2%
2018
23
$76,000
$76,000
18.3%
Total change in price
-20.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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