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 Kenwood home prices have performed since 2008.
Kenwood historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
92
$335,000
$391,950
-
2009
77
$211,000
$246,870
-37%
2010
83
$250,000
$285,000
15.4%
2011
76
$224,500
$253,685
-11%
2012
89
$195,000
$212,550
-16.2%
2013
123
$150,500
$162,540
-23.5%
2014
96
$188,500
$199,810
22.9%
2015
109
$254,000
$269,240
34.7%
2016
117
$225,000
$236,250
-12.3%
2017
113
$284,000
$289,680
22.6%
2018
109
$270,000
$270,000
-6.8%
Total change in price
-31.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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