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 Ridgewood home prices have performed since 2008.
Ridgewood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
14
$109,700
$128,349
-
2009
18
$49,080.08
$57,423.69
-55.3%
2010
19
$37,600
$42,864
-25.4%
2011
17
$42,400
$47,912
11.8%
2012
25
$31,250
$34,062.50
-28.9%
2013
17
$65,100
$70,308
106.4%
2014
15
$40,000
$42,400
-39.7%
2015
5
$69,900
$74,094
74.8%
2016
10
$86,500
$90,825
22.6%
2017
10
$79,500
$81,090
-10.7%
2018
9
$115,000
$115,000
41.8%
Total change in price
-10.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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