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 Calumet Heights home prices have performed since 2008.
Calumet Heights historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
218
$137,000
$160,290
-
2009
198
$72,500
$84,825
-47.1%
2010
195
$63,500
$72,390
-14.7%
2011
161
$71,000
$80,230
10.8%
2012
195
$56,000
$61,040
-23.9%
2013
225
$57,000
$61,560
0.9%
2014
266
$65,000
$68,900
11.9%
2015
254
$72,000
$76,320
10.8%
2016
328
$91,000
$95,550
25.2%
2017
387
$90,000
$91,800
-3.9%
2018
354
$110,500
$110,500
20.4%
Total change in price
-31.1%
Where sale prices were unavailable, the home's assessed value was substituted.
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