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 Wayne home prices have performed since 2008.
Wayne historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
11
$544,500
$637,065
-
2009
13
$412,250
$482,332.50
-24.3%
2010
12
$422,500
$481,650
-0.1%
2011
12
$390,000
$440,700
-8.5%
2012
27
$305,000
$332,450
-24.6%
2013
21
$407,500
$440,100
32.4%
2014
21
$365,000
$386,900
-12.1%
2015
19
$370,000
$392,200
1.4%
2016
20
$440,000
$462,000
17.8%
2017
40
$353,750
$360,825
-21.9%
2018
30
$455,000
$455,000
26.1%
Total change in price
-28.6%
Where sale prices were unavailable, the home's assessed value was substituted.
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