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 Beecher home prices have performed since 2008.
Beecher historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
65
$195,000
$228,150
-
2009
31
$171,000
$200,070
-12.3%
2010
37
$198,487.50
$226,275.75
13.1%
2011
43
$154,900
$175,037
-22.6%
2012
80
$151,250
$164,862.50
-5.8%
2013
97
$155,000
$167,400
1.5%
2014
81
$147,000
$155,820
-6.9%
2015
71
$155,000
$164,300
5.4%
2016
54
$167,350
$175,717.50
6.9%
2017
58
$178,252.50
$181,817.55
3.5%
2018
60
$177,400
$177,400
-2.4%
Total change in price
-22.2%
Where sale prices were unavailable, the home's assessed value was substituted.
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