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 Liberty home prices have performed since 2008.
Liberty historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
6
$46,500
$54,405
-
2009
16
$51,000
$59,670
9.7%
2010
9
$34,748
$39,612.72
-33.6%
2011
10
$62,750
$70,907.50
79%
2012
14
$88,500
$96,465
36%
2013
15
$75,500
$81,540
-15.5%
2014
13
$80,000
$84,800
4%
2015
15
$78,500
$83,210
-1.9%
2016
13
$70,000
$73,500
-11.7%
2017
9
$93,000
$94,860
29.1%
2018
11
$73,500
$73,500
-22.5%
Total change in price
35.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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