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 Makanda home prices have performed since 2008.
Makanda historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
16
$41,000
$47,970
-
2009
17
$199,900
$233,883
387.6%
2010
15
$129,000
$147,060
-37.1%
2011
9
$142,000
$160,460
9.1%
2012
20
$95,750
$104,367.50
-35%
2013
11
$85,000
$91,800
-12%
2014
16
$122,000
$129,320
40.9%
2015
16
$93,000
$98,580
-23.8%
2016
11
$139,000
$145,950
48.1%
2017
19
$233,000
$237,660
62.8%
2018
17
$115,000
$115,000
-51.6%
Total change in price
139.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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