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 Ava home prices have performed since 2008.
Ava historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
10
$54,250
$63,472.50
-
2009
19
$64,500
$75,465
18.9%
2010
13
$83,000
$94,620
25.4%
2011
11
$91,500
$103,395
9.3%
2012
22
$55,000
$59,950
-42%
2013
13
$58,000
$62,640
4.5%
2014
12
$66,750
$70,755
13%
2015
18
$62,750
$66,515
-6%
2016
16
$62,500
$65,625
-1.3%
2017
13
$75,000
$76,500
16.6%
2018
13
$30,000
$30,000
-60.8%
Total change in price
-52.7%
Where sale prices were unavailable, the home's assessed value was substituted.
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