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 Payson home prices have performed since 2008.
Payson historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
14
$65,250
$76,342.50
-
2009
16
$70,950
$83,011.50
8.7%
2010
4
$56,750
$64,695
-22.1%
2011
12
$78,000
$88,140
36.2%
2012
21
$60,000
$65,400
-25.8%
2013
12
$68,750
$74,250
13.5%
2014
23
$67,000
$71,020
-4.4%
2015
21
$87,500
$92,750
30.6%
2016
25
$65,500
$68,775
-25.8%
2017
20
$84,000
$85,680
24.6%
2018
4
$94,450
$94,450
10.2%
Total change in price
23.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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