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 Edgebrook home prices have performed since 2008.
Edgebrook historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
79
$452,500
$529,425
-
2009
62
$416,500
$487,305
-8%
2010
71
$400,000
$456,000
-6.4%
2011
80
$367,500
$415,275
-8.9%
2012
91
$419,500
$457,255
10.1%
2013
132
$425,000
$459,000
0.4%
2014
118
$410,000
$434,600
-5.3%
2015
139
$445,000
$471,700
8.5%
2016
111
$480,000
$504,000
6.8%
2017
114
$433,750
$442,425
-12.2%
2018
113
$483,000
$483,000
9.2%
Total change in price
-8.8%
Where sale prices were unavailable, the home's assessed value was substituted.
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