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 North Park home prices have performed since 2008.
North Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
134
$249,000
$291,330
-
2009
137
$250,000
$292,500
0.4%
2010
134
$200,000
$228,000
-22.1%
2011
140
$155,000
$175,150
-23.2%
2012
170
$165,000
$179,850
2.7%
2013
168
$225,000
$243,000
35.1%
2014
169
$229,000
$242,740
-0.1%
2015
199
$280,000
$296,800
22.3%
2016
192
$284,000
$298,200
0.5%
2017
171
$309,000
$315,180
5.7%
2018
169
$300,000
$300,000
-4.8%
Total change in price
3%
Where sale prices were unavailable, the home's assessed value was substituted.
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