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 Hyde Park home prices have performed since 2008.
Hyde Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
197
$245,000
$286,650
-
2009
172
$208,000
$243,360
-15.1%
2010
141
$206,500
$235,410
-3.3%
2011
153
$176,500
$199,445
-15.3%
2012
199
$176,000
$191,840
-3.8%
2013
246
$175,000
$189,000
-1.5%
2014
221
$173,750
$184,175
-2.6%
2015
269
$205,000
$217,300
18%
2016
289
$180,000
$189,000
-13%
2017
284
$215,000
$219,300
16%
2018
265
$215,000
$215,000
-2%
Total change in price
-25%
Where sale prices were unavailable, the home's assessed value was substituted.
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