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 Dunning home prices have performed since 2008.
Dunning historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
327
$250,000
$292,500
-
2009
402
$205,000
$239,850
-18%
2010
526
$185,000
$210,900
-12.1%
2011
422
$150,000
$169,500
-19.6%
2012
562
$148,000
$161,320
-4.8%
2013
688
$160,000
$172,800
7.1%
2014
575
$198,500
$210,410
21.8%
2015
594
$210,750
$223,395
6.2%
2016
643
$230,000
$241,500
8.1%
2017
675
$242,000
$246,840
2.2%
2018
566
$260,000
$260,000
5.3%
Total change in price
-11.1%
Where sale prices were unavailable, the home's assessed value was substituted.
Powered by BlockShopper.com.
Alerts Sign-up