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 Lyons home prices have performed since 2008.
Lyons historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
92
$156,000
$182,520
-
2009
83
$135,000
$157,950
-13.5%
2010
100
$125,000
$142,500
-9.8%
2011
81
$90,000
$101,700
-28.6%
2012
94
$70,000
$76,300
-25%
2013
126
$87,500
$94,500
23.9%
2014
125
$125,000
$132,500
40.2%
2015
122
$132,250
$140,185
5.8%
2016
145
$133,000
$139,650
-0.4%
2017
154
$146,000
$148,920
6.6%
2018
126
$180,000
$180,000
20.9%
Total change in price
-1.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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