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 Crystal Lawns home prices have performed since 2008.
Crystal Lawns historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
19
$172,500
$201,825
-
2009
25
$155,000
$181,350
-10.1%
2010
25
$131,000
$149,340
-17.7%
2011
25
$110,665
$125,051.45
-16.3%
2012
28
$105,000
$114,450
-8.5%
2013
27
$118,650
$128,142
12%
2014
40
$134,500
$142,570
11.3%
2015
41
$144,000
$152,640
7.1%
2016
26
$150,600
$158,130
3.6%
2017
37
$175,000
$178,500
12.9%
2018
31
$186,000
$186,000
4.2%
Total change in price
-7.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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