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 Shorewood home prices have performed since 2008.
Shorewood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
327
$258,085
$301,959.45
-
2009
233
$222,000
$259,740
-14%
2010
230
$219,500.50
$250,230.57
-3.7%
2011
204
$212,500
$240,125
-4%
2012
308
$204,950
$223,395.50
-7%
2013
383
$208,250
$224,910
0.7%
2014
409
$215,750
$228,695
1.7%
2015
321
$225,000
$238,500
4.3%
2016
268
$224,987
$236,236.35
-0.9%
2017
291
$225,000
$229,500
-2.9%
2018
268
$235,500
$235,500
2.6%
Total change in price
-22%
Where sale prices were unavailable, the home's assessed value was substituted.
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