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 South Beloit home prices have performed since 2008.
South Beloit historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
135
$99,000
$115,830
-
2009
113
$110,300
$129,051
11.4%
2010
91
$95,000
$108,300
-16.1%
2011
104
$31,185
$35,239.05
-67.5%
2012
77
$98,500
$107,365
204.7%
2013
103
$90,000
$97,200
-9.5%
2014
88
$84,500
$89,570
-7.8%
2015
104
$88,500
$93,810
4.7%
2016
103
$105,000
$110,250
17.5%
2017
95
$119,825
$122,221.50
10.9%
2018
112
$125,500
$125,500
2.7%
Total change in price
8.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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