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 Sycamore home prices have performed since 2008.
Sycamore historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
22
$167,501.99
$195,977.33
-
2009
38
$128,124.64
$149,905.82
-23.5%
2010
37
$145,504.49
$165,875.11
10.7%
2011
55
$145,023
$163,875.99
-1.2%
2012
75
$147,709.90
$161,003.79
-1.8%
2013
74
$110,177.50
$118,991.70
-26.1%
2014
55
$114,625
$121,502.50
2.1%
2015
42
$111,600
$118,296
-2.6%
2016
33
$105,000
$110,250
-6.8%
2017
15
$123,601
$126,073.02
14.4%
2018
18
$103,348
$103,348
-18%
Total change in price
-47.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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