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 New Lenox home prices have performed since 2008.
New Lenox historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
397
$265,000
$310,050
-
2009
287
$245,000
$286,650
-7.5%
2010
322
$225,000
$256,500
-10.5%
2011
310
$231,000
$261,030
1.8%
2012
478
$225,380
$245,664.20
-5.9%
2013
652
$230,000
$248,400
1.1%
2014
655
$236,697.50
$250,899.35
1%
2015
527
$246,000
$260,760
3.9%
2016
561
$250,000
$262,500
0.7%
2017
537
$259,900
$265,098
1%
2018
487
$260,000
$260,000
-1.9%
Total change in price
-16.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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