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 Crest Hill home prices have performed since 2008.
Crest Hill historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
245
$165,138.50
$193,212.04
-
2009
244
$150,000
$175,500
-9.2%
2010
225
$137,000
$156,180
-11%
2011
226
$117,552.50
$132,834.32
-14.9%
2012
312
$115,000
$125,350
-5.6%
2013
377
$119,000
$128,520
2.5%
2014
381
$114,901
$121,795.06
-5.2%
2015
293
$130,405
$138,229.30
13.5%
2016
269
$145,000
$152,250
10.1%
2017
298
$157,000
$160,140
5.2%
2018
249
$170,000
$170,000
6.2%
Total change in price
-12%
Where sale prices were unavailable, the home's assessed value was substituted.
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