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 Edison Park home prices have performed since 2008.
Edison Park historical median home sales
Year
Properties sold (#)
Median sale price (nominal)
Median sale price (real)
Year-over-year change (real)
2008
100
$287,500
$336,375
-
2009
106
$287,500
$336,375
0%
2010
105
$255,000
$290,700
-13.6%
2011
104
$245,000
$276,850
-4.8%
2012
123
$235,000
$256,150
-7.5%
2013
178
$270,000
$291,600
13.8%
2014
175
$304,000
$322,240
10.5%
2015
189
$303,000
$321,180
-0.3%
2016
179
$310,000
$325,500
1.3%
2017
183
$316,000
$322,320
-1%
2018
178
$341,250
$341,250
5.9%
Total change in price
1.4%
Where sale prices were unavailable, the home's assessed value was substituted.
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