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 Owen home prices have performed since 2008.
Owen historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
14
$140,000
$163,800
-
2009
24
$145,000
$169,650
3.6%
2010
27
$134,000
$152,760
-10%
2011
13
$118,500
$133,905
-12.3%
2012
31
$102,500
$111,725
-16.6%
2013
22
$120,625
$130,275
16.6%
2014
34
$116,700
$123,702
-5%
2015
26
$97,500
$103,350
-16.5%
2016
21
$124,900
$131,145
26.9%
2017
24
$136,700
$139,434
6.3%
2018
21
$142,000
$142,000
1.8%
Total change in price
-13.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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