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 Hermosa home prices have performed since 2008.
Hermosa historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
129
$205,000
$239,850
-
2009
194
$124,500
$145,665
-39.3%
2010
254
$110,500
$125,970
-13.5%
2011
251
$102,500
$115,825
-8.1%
2012
235
$105,500
$114,995
-0.7%
2013
272
$130,000
$140,400
22.1%
2014
223
$160,000
$169,600
20.8%
2015
241
$184,000
$195,040
15%
2016
233
$220,000
$231,000
18.4%
2017
216
$250,000
$255,000
10.4%
2018
197
$255,000
$255,000
0%
Total change in price
6.3%
Where sale prices were unavailable, the home's assessed value was substituted.
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