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 Inverness home prices have performed since 2008.
Inverness historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
75
$595,000
$696,150
-
2009
64
$560,000
$655,200
-5.9%
2010
78
$500,000
$570,000
-13%
2011
74
$480,000
$542,400
-4.8%
2012
124
$475,000
$517,750
-4.5%
2013
123
$460,000
$496,800
-4%
2014
122
$544,000
$576,640
16.1%
2015
134
$499,500
$529,470
-8.2%
2016
103
$510,000
$535,500
1.1%
2017
131
$535,000
$545,700
1.9%
2018
94
$485,000
$485,000
-11.1%
Total change in price
-30.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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