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 Washington Park home prices have performed since 2008.
Washington Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
109
$184,500
$215,865
-
2009
83
$55,000
$64,350
-70.2%
2010
97
$42,500
$48,450
-24.7%
2011
79
$34,500
$38,985
-19.5%
2012
82
$40,000
$43,600
11.8%
2013
79
$36,000
$38,880
-10.8%
2014
84
$59,000
$62,540
60.9%
2015
75
$51,000
$54,060
-13.6%
2016
81
$70,000
$73,500
36%
2017
84
$95,000
$96,900
31.8%
2018
83
$127,500
$127,500
31.6%
Total change in price
-40.9%
Where sale prices were unavailable, the home's assessed value was substituted.
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