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 Quincy home prices have performed since 2008.
Quincy historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
670
$80,000
$93,600
-
2009
752
$85,500
$100,035
6.9%
2010
310
$80,000
$91,200
-8.8%
2011
712
$85,000
$96,050
5.3%
2012
776
$88,000
$95,920
-0.1%
2013
822
$88,250
$95,310
-0.6%
2014
887
$87,500
$92,750
-2.7%
2015
848
$97,000
$102,820
10.9%
2016
849
$95,000
$99,750
-3%
2017
875
$96,000
$97,920
-1.8%
2018
535
$99,900
$99,900
2%
Total change in price
6.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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