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 University Park home prices have performed since 2008.
University Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
160
$90,000
$105,300
-
2009
158
$47,503.58
$55,579.18
-47.2%
2010
117
$66,686
$76,022.04
36.8%
2011
93
$86,638
$97,900.94
28.8%
2012
108
$61,613.18
$67,158.36
-31.4%
2013
158
$51,600
$55,728
-17%
2014
169
$52,449
$55,595.94
-0.2%
2015
84
$52,000
$55,120
-0.9%
2016
104
$91,375
$95,943.75
74.1%
2017
64
$63,762.50
$65,037.75
-32.2%
2018
79
$65,000
$65,000
-0.1%
Total change in price
-38.3%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up