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 Belvidere home prices have performed since 2008.
Belvidere historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
560
$149,900
$175,383
-
2009
576
$126,750
$148,297.50
-15.4%
2010
677
$118,000
$134,520
-9.3%
2011
452
$95,000
$107,350
-20.2%
2012
457
$97,000
$105,730
-1.5%
2013
505
$98,500
$106,380
0.6%
2014
352
$104,000
$110,240
3.6%
2015
343
$112,000
$118,720
7.7%
2016
389
$120,000
$126,000
6.1%
2017
394
$130,000
$132,600
5.2%
2018
307
$147,000
$147,000
10.9%
Total change in price
-16.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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