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 Poplar Grove home prices have performed since 2008.
Poplar Grove historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
156
$184,000
$215,280
-
2009
172
$143,500
$167,895
-22%
2010
134
$153,087
$174,519.18
3.9%
2011
102
$121,000
$136,730
-21.7%
2012
102
$128,250
$139,792.50
2.2%
2013
119
$127,900
$138,132
-1.2%
2014
97
$130,000
$137,800
-0.2%
2015
84
$138,500
$146,810
6.5%
2016
89
$152,250
$159,862.50
8.9%
2017
86
$146,000
$148,920
-6.8%
2018
70
$170,500
$170,500
14.5%
Total change in price
-20.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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