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 Belmont/Cragin home prices have performed since 2008.
Belmont/Cragin historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
223
$225,000
$263,250
-
2009
410
$155,000
$181,350
-31.1%
2010
449
$141,500
$161,310
-11.1%
2011
468
$130,000
$146,900
-8.9%
2012
495
$135,000
$147,150
0.2%
2013
520
$141,000
$152,280
3.5%
2014
468
$181,750
$192,655
26.5%
2015
466
$196,250
$208,025
8%
2016
438
$225,000
$236,250
13.6%
2017
453
$250,000
$255,000
7.9%
2018
365
$267,000
$267,000
4.7%
Total change in price
1.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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