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 Homer Glen home prices have performed since 2008.
Homer Glen historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
220
$324,900
$380,133
-
2009
200
$295,000
$345,150
-9.2%
2010
250
$290,000
$330,600
-4.2%
2011
234
$255,500
$288,715
-12.7%
2012
325
$248,000
$270,320
-6.4%
2013
395
$255,000
$275,400
1.9%
2014
377
$257,500
$272,950
-0.9%
2015
345
$270,000
$286,200
4.9%
2016
340
$290,000
$304,500
6.4%
2017
330
$312,000
$318,240
4.5%
2018
313
$320,000
$320,000
0.6%
Total change in price
-15.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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